$BTC current wave analysis (update 1/4/2024)
BTC current wave analysis (update 1/4/2024)-To complete an impulse from 15K, there must be at least three more ups and downs between 40K-48K to finish wave 1.
-Because the wave from 32.5K cannot be counted as an impulse, I expect an ending diagonal.
-32.5K is the starting point of the current ending diagonal because of the correction size between 35K-32.5K, which happened Oct 23rd.
-To be an impulse wave, there should've been an impulse or a wedge between 35K-32.5K correction and the next bigger correction.
-The next bigger correction was 38K-35K from Nov 9 to Nov 14.
-The wave between 38K-35K correction and 35K-32.5K correction cannot be counted as an impulse.
-This leads to the conclusion that the wave is wedge-ing.
-Wedge B is always the biggest & fastest wave within the wedge.
-My initial expectation was the pink wedge on the left chart.
-The current -12% drop on Jan 3rd is the biggest correction so far since the 35K-32.5K correction, being eligible for Wedge B.
-This correction(purple B) also bounced off at the Fib 0.618 level of 32.5K-45.9K(purple A) run.
-I will trade based on this scenario as long as
BTC doesn't break below 32.5K.
More wave analysis & breakdowns on my X:
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