BitcoinLong
BTC 1st scenario
Now I will go over the 1st possible scenario after making the 2nd;)
In this case btc has already done it´s full Abc-correction.
The flat correction started with a very short but deep A leg followed by a strong B leg (retraced more than 62%-> flat correction).
The C leg retraced a little deeper than the A leg and took also more time to built.
Assuming that this was the whole correction we would start the 5th leg in the primary market cycle which would also be the 5th leg of the superior market cycle.
And as we can see the first wave is complete and the second wave will be an irregular correction.
Therefor it´s very likely that the third wave will start at the 61.8 retracement (8200).
If this scenario plays out we will see very impulsive movement till the end of the year and it´s very likely that we see at least 50k before a greater and longer correction occurs.
Reasons for the first scenario:
-Current market cycle has only 170 days but the 1st and the 3rd took about 400 days
-5th wave often the biggest and in 2nd scenario it would be the smallest
-Breakout of downtrend channel
-Accelerating adoption of Lightning-> reason for good news
In this case btc has already done it´s full Abc-correction.
The flat correction started with a very short but deep A leg followed by a strong B leg (retraced more than 62%-> flat correction).
The C leg retraced a little deeper than the A leg and took also more time to built.
Assuming that this was the whole correction we would start the 5th leg in the primary market cycle which would also be the 5th leg of the superior market cycle.
And as we can see the first wave is complete and the second wave will be an irregular correction.
Therefor it´s very likely that the third wave will start at the 61.8 retracement (8200).
If this scenario plays out we will see very impulsive movement till the end of the year and it´s very likely that we see at least 50k before a greater and longer correction occurs.
Reasons for the first scenario:
-Current market cycle has only 170 days but the 1st and the 3rd took about 400 days
-5th wave often the biggest and in 2nd scenario it would be the smallest
-Breakout of downtrend channel
-Accelerating adoption of Lightning-> reason for good news
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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.