BitcoinShort
Bitcoin's Expanded Leading Diagonal: The Start of a Larger Corre
In this analysis, we’re diving deep into a possible expanded leading diagonal pattern that could be forming in Bitcoin (BTC/USD), representing Wave A of a larger correction to the downside.
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The expanded leading diagonal, characterized by its 5-wave structure (5-3-5-3-5), signals the start of a significant correction. The price action in recent months has been volatile, and this diagonal pattern suggests that we are in the early stages of a correction rather than a major trend reversal.
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Wave 1 and Wave 3 both extended beyond previous highs and lows, creating a broader, expanding pattern that adds weight to the idea of this being a leading diagonal. The move from Wave 4 to Wave 5 solidified the completion of this first leg down, labeled as Wave A. This diagonal structure typically precedes deeper corrections, meaning that we may now be in for a retracement (Wave B) before a final leg down (Wave C).
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For traders, this offers a chance to prepare for what could be further bearish movement. With key Fibonacci levels, particularly around the 61.8% of the uptrend move. it’s crucial to keep an eye on how Bitcoin behaves in the upcoming days to confirm this larger pattern.
.
The expanded leading diagonal, characterized by its 5-wave structure (5-3-5-3-5), signals the start of a significant correction. The price action in recent months has been volatile, and this diagonal pattern suggests that we are in the early stages of a correction rather than a major trend reversal.
.
Wave 1 and Wave 3 both extended beyond previous highs and lows, creating a broader, expanding pattern that adds weight to the idea of this being a leading diagonal. The move from Wave 4 to Wave 5 solidified the completion of this first leg down, labeled as Wave A. This diagonal structure typically precedes deeper corrections, meaning that we may now be in for a retracement (Wave B) before a final leg down (Wave C).
.
For traders, this offers a chance to prepare for what could be further bearish movement. With key Fibonacci levels, particularly around the 61.8% of the uptrend move. it’s crucial to keep an eye on how Bitcoin behaves in the upcoming days to confirm this larger pattern.
Tanakorn Koomrampai ,CMT, CFTe
FB page (International) : facebook.com/graphtechniq
FB page (Thai) : facebook.com/graphtechnic
Line @graphtechnic
FB page (International) : facebook.com/graphtechniq
FB page (Thai) : facebook.com/graphtechnic
Line @graphtechnic
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Tanakorn Koomrampai ,CMT, CFTe
FB page (International) : facebook.com/graphtechniq
FB page (Thai) : facebook.com/graphtechnic
Line @graphtechnic
FB page (International) : facebook.com/graphtechniq
FB page (Thai) : facebook.com/graphtechnic
Line @graphtechnic
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.