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
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FB page (International) : facebook.com/graphtechniq
FB page (Thai) : facebook.com/graphtechnic
Line @graphtechnic
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