BitcoinLong
BTC / USDT - Medium term, wave 4 and 5
Bitcoin appears to be in Wave 4 of a 5-wave cycle.
• The bottom of Wave 4 likely occurred around mid-August.
• The current impulse should:
• Decisively break the blue trend line.
• Retrace to sit on the trend line for waves 2, then proceed to waves 3, 4, and 5.
• The dashed line represents the length of Wave 1, which is often matched by the length of Wave 5.
• If there is a decisive breach of the upper trend line without re-entering the channel, it confirms we are in the 5-wave impulse.
• Once Wave 5 is complete, a corrective phase could begin, potentially lasting until Christmas.
• The bottom of Wave 4 likely occurred around mid-August.
• The current impulse should:
• Decisively break the blue trend line.
• Retrace to sit on the trend line for waves 2, then proceed to waves 3, 4, and 5.
• The dashed line represents the length of Wave 1, which is often matched by the length of Wave 5.
• If there is a decisive breach of the upper trend line without re-entering the channel, it confirms we are in the 5-wave impulse.
• Once Wave 5 is complete, a corrective phase could begin, potentially lasting until Christmas.
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.
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.