This is my vision for BTC.
Let's have a look at the following chart made up of eight waves (five heading up and three trending downward) labeled 1, 2, 3, 4, 5, A, B, and C.
Waves one, two, three, four, and five form an impulse, and waves A, B, and C form a correction. The five-wave impulse, in turn, forms wave one at the next-largest degree, and the three-wave correction forms wave two at the next-largest degree.
The corrective wave normally has three distinct price movements—two in the direction of the main correction (A and C) and one against it (B). In the figure above, waves two and four are corrections.
Let's have a look at the following chart made up of eight waves (five heading up and three trending downward) labeled 1, 2, 3, 4, 5, A, B, and C.
Waves one, two, three, four, and five form an impulse, and waves A, B, and C form a correction. The five-wave impulse, in turn, forms wave one at the next-largest degree, and the three-wave correction forms wave two at the next-largest degree.
The corrective wave normally has three distinct price movements—two in the direction of the main correction (A and C) and one against it (B). In the figure above, waves two and four are corrections.
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The price might retest the 106,000 level to form a double top before continuing with my plan
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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.