Whale tricks or WXY pattern?
Updated
While it appears that Whales are playing tricks with Cryptos, evidence is now emerging that they may be following a double zigzag WXY pattern. In this pattern, two ABC waves are joined together to form a larger structure as shown in the chart (green wave).
If this is correct, then Bitcoin and other cryptos are currently moving up from W to X. For Bitcoin, this wave could terminate at 8775 (if the smaller c wave = the smaller a wave) or at 9061 (if c= 1.62 a). Once the X wave is complete, the Y wave could take Bitcoin down to 7400. Other cryptos such as Litecoin, Ripple, Bitcoin cash and Ethereum seem to be following the same pattern.
If this is correct, then Bitcoin and other cryptos are currently moving up from W to X. For Bitcoin, this wave could terminate at 8775 (if the smaller c wave = the smaller a wave) or at 9061 (if c= 1.62 a). Once the X wave is complete, the Y wave could take Bitcoin down to 7400. Other cryptos such as Litecoin, Ripple, Bitcoin cash and Ethereum seem to be following the same pattern.
Note
Wave Y appears to be in progress now.Note
Bitcoin is following the pattern predicted on May 16. Load new bars and enjoy!It did not go up to the X level as much as predicted but completed a and b waves of the Y wave almost at the predicted levels. It suggests that despite a lot of FUD, Bitcoin seems to follow the technical analysis.
Trade closed: target reached
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