Bitcoin / TetherLong
$BTC Short-term Bullish(update 01/23/2024)
Main
Anticipate one more drop below 39.5K, making a wedge pattern beforeBTC retraces to minimum 43K.
Today 4h RSI dropped to a new low, raising potential movement to go down further.
Looking through a wave lense, I see a potential impulse downward movement presenting suppose 41.7K level was truncated(pink)
When a rapid movement such as wave 3, checking a line chart can be helpful to extract possible scenarios.
In a line chart, 41.4K is not the bottom - 41.7K is.
With that scenario, the current wave from the 49k top to now can be an impulse.
Suppose 49K top to current downward movement is an impulse wave, and supposeBTC is in wave 4, it substantially raises the possibility of one scenario, the 5-3-5 WXY movement, meaning there will be more drop after a bounce up from now.
Depending on wave B(blue), C bottom will be either 39K or 37K.
Then,BTC will break above 49K to finish green wave 5.
Sub
SupposeBTC ends its current downward movement without the truncation scenario above, 39K will be the bottom of green wave 4, and BTC will break above 49K, but not too far from it.
Anticipate one more drop below 39.5K, making a wedge pattern before
BTC retraces to minimum 43K. Today 4h RSI dropped to a new low, raising potential movement to go down further.
Looking through a wave lense, I see a potential impulse downward movement presenting suppose 41.7K level was truncated(pink)
When a rapid movement such as wave 3, checking a line chart can be helpful to extract possible scenarios.
In a line chart, 41.4K is not the bottom - 41.7K is.
With that scenario, the current wave from the 49k top to now can be an impulse.
Suppose 49K top to current downward movement is an impulse wave, and suppose
BTC is in wave 4, it substantially raises the possibility of one scenario, the 5-3-5 WXY movement, meaning there will be more drop after a bounce up from now.Depending on wave B(blue), C bottom will be either 39K or 37K.
Then,
BTC will break above 49K to finish green wave 5.Sub
Suppose
BTC ends its current downward movement without the truncation scenario above, 39K will be the bottom of green wave 4, and BTC will break above 49K, but not too far from it.
More wave analysis & breakdowns on my X:
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