I was originally hoping this was a WXY completed pattern, but I'm only seeing a 3 swing move to create another Wave A instead of a 5 swing indicative of an impulse move. Because of this I'm thinking we're beginning Wave C of X2 of a WXYXZ pattern. This is in line with what I believe will occur for BTC as well. We'll be looking for a 1:1 here compared to the Wave A of X2. It will ultimately come down to finish the Wave Z (larger Wave 4) and we'll look for a 5 wave impulse to start of Wave 5 of the macro count.
Also, you can see bearish divergence on this 1H chart for this current move.
Here's the macro. If this plays out, I'll be looking for a 3.50 - 3.60 conservative target
Also, you can see bearish divergence on this 1H chart for this current move.
Here's the macro. If this plays out, I'll be looking for a 3.50 - 3.60 conservative target
Note
Looking good so far. Hidden Bullish divergence on the recent lows. This range will be challenging if it makes it there. It is the .618-.65 retracement of the recent move down for Wave YNote
Because of the look of BTC and the current movement, it's looking more like this:Note
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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.