BTC Log Scale Historical corrective patterns and PEAKs - retest
Updated
Been a while since i used log scale however started reviewing charts with it. Im sure its on everyones mind including myself whether this BTC has finshed its corrective structure or not. No matter how good your analysis is, nothing is perfect so we look for other ways to reassess our analysis.
Givem the recent moves in crypto space, some coins 1x2x3 etc of their value since a few/few weeks ago. Ok, then whats happened to the market cap?? It seems there are some whales in the thin crypto market manipulating the prices and moves of certain coins. You can see some coing that pump, then dump and then another pumps, then dumps, but the market cap doesnt seem to change. Hhhmmm,... obviously there are some larger fish playing games as the real money is not in the market, so,...
I had a detailed look into the historical corrective patterns to look for some more signs of whether the correction is over and if the bull run is about to start,... let me tell you,... its far from looking like complete;.. HERE IS WHAT I FOUND;
Check on the charts;
1. every previous peak is retested, all the previous peaks on my chart have been boxed in grey, you will notice that the bull run only start after its been test or touched. Has this happened yet??? NO, we are still yet to touch the old peak before we move to the new one,... That is one massive sign for us to see and this is the only time that it hasnt been tested,
2.Every corrective pattern from a birdseye view appears to be a simple zigzag, ABC or complex WXY, have we completed this on our current correction?? Hell no... This level is about $4000-4500.
3. You will notice the blue trendline above the initial channel before the breakout above and gave us a massive bull run. I found a potential wave count which matches perfectly but may also give opportnity for the price of BTC to drop doen to 3k.
As the initial wave moves up and above ut of the channel, we could count this as wave 1. Our massive bull run then reached the 20k level which also matches our current wave 4 correction. Now this wave is able to go down but not enter wave 1 (wave count in big red), that level is at the 3k area.
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Givem the recent moves in crypto space, some coins 1x2x3 etc of their value since a few/few weeks ago. Ok, then whats happened to the market cap?? It seems there are some whales in the thin crypto market manipulating the prices and moves of certain coins. You can see some coing that pump, then dump and then another pumps, then dumps, but the market cap doesnt seem to change. Hhhmmm,... obviously there are some larger fish playing games as the real money is not in the market, so,...
I had a detailed look into the historical corrective patterns to look for some more signs of whether the correction is over and if the bull run is about to start,... let me tell you,... its far from looking like complete;.. HERE IS WHAT I FOUND;
Check on the charts;
1. every previous peak is retested, all the previous peaks on my chart have been boxed in grey, you will notice that the bull run only start after its been test or touched. Has this happened yet??? NO, we are still yet to touch the old peak before we move to the new one,... That is one massive sign for us to see and this is the only time that it hasnt been tested,
2.Every corrective pattern from a birdseye view appears to be a simple zigzag, ABC or complex WXY, have we completed this on our current correction?? Hell no... This level is about $4000-4500.
3. You will notice the blue trendline above the initial channel before the breakout above and gave us a massive bull run. I found a potential wave count which matches perfectly but may also give opportnity for the price of BTC to drop doen to 3k.
As the initial wave moves up and above ut of the channel, we could count this as wave 1. Our massive bull run then reached the 20k level which also matches our current wave 4 correction. Now this wave is able to go down but not enter wave 1 (wave count in big red), that level is at the 3k area.
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Note
Looks like we have the pulback, impulse up and now we going for the final wave to retest the top, complete the X wave before the final wave. I have attached the 4hr chart which is also completing another WXY within the larger WXY. The highlighted area for reversal is at the 12k area which also coincides with the 1-1.27 ext of the current 4hr bull wave. 1.68 is only just above and dont see this going any further than 13k at max however looks like we will just test,touch and revrse straight from the 12k area/last major swing high. Strap on from there!
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