Are bitcoin towards 11 k?

Updated

Bitcoin seems to have finshed 5 waves uo from 3.5 K and could now be forming a wvae 2 og higher degree.
It seems that the move down form top is forming a leading diagonal towards 30.4 k area to form the first bearish wave down.

Alterntive we could have an ectended 5th wave where we have finished wave 1 and wave 2. wave 2 being a double zigzag (wxy). If thats the case we should not go below the previous low of 33 k.

Note

The expectation is that we go Down in a zigzag to 30-31 k area to finish a leadin diagonal from top something like this

Note

This looks like a leading diagonal finished as wave 1 Down

Note

Appears that the move up was a zigzag. Im looking at These 2 possible patterns to play out shortterm. Blue or yellow count. Still unclear if move from top to bottom was a leading diagonal or a series of 1 st waves

Note

Messy structure but I Think the bottom was a triangle and a 5th wave.

Note

Looks like 5 waves up and possibly a zigzag Down if this bottom holds. If it does we could expect c wave up to around 61 fibonacci the green Line

Note

Hmm. This does not look like a zigzag. Looks like another 5 wave move up. If top breaks it changes the count possibly like this

Note

Alt. Double zigzag

Note

Think we get a new High making this a 5 wave structure from bottom.although the possible diagonal from top is not completely invalidated yet its becoming less likely. Its more likely that we either get an ext wave 5 on the weekly tf or we are in a bigger triangle currently in the proces of a d wave like tjis

Note

If we get a new lokal High and we are in an ext 5 th wave we could have 2 first waves on a bigger degree . We Will have to see how rsi reacts to a new High if it comes.

Note

Shortterm count from previous bottom. 5 wave sequence on lower degree it seems

Note

We are correcting in a wave 2 Down shortterm

Note

W 2 could be finished

Note

Looks like we get a flat correction here

Note

A bit surpring but now we Can assume that the top was an ENding diagonal and not a b wave. Previous move up ( that looked 5 waves)must have Been a double zigzag. That takes me back to my original primary count diagonal Down from ath. We must break below blue Channel next

Note

Let see if we get this move

Note

Wavecount on small tf is not easy to see. Not a clear 5 wave structure Down . We might have done a zigzag if the middle was a triangle. Fussy at the moment however.

Note

If it was a zigzag. Bevare that this count could be in play.

Note

Looks like a 3rd wave coming Down here

Note

Or a cwave to 40.5 k.

Note

Narh . The move up from bottom was 5 wave structure. Equality between blue 1 and 5. And that wavecount is confirmed by rsi. We now correct in a bigger wave 2 or possibly b to the area between the 2 green Lines. Probably take some time with choppy wave action. After correcting a new 5 wave structure up could be expected.

Note

Still more Down. Possibly a c wave Down to the White dotted Line

Note

Looking if this comes. If it does its a wave 2 on lower degree and we should get a move up towards 64 k to finish a bigger wave 1.

Note

Something like this.

Note

Updates will be posted on telegram from now on. You Can join for free t.me/+4ornWSStFKZjY2Vk

Note

Looks like a 3rd wave Down. Not a zizag

Note

Might be a zigzag but then it should be finished now. It looked very step for a c wave though. Lets see if we recover from here

Note

Leading diagonal. Potential for bullish move further up

Note

Tricky correction here. Think we Can assume that it was a wxy correction that has finished. It corrected to 0.61 to the point.

Note

Looks like a 5 wave structure Down of some sort and not a corrective wave. Cant say im confindent on this count but it seems we are in a 4 th wave now.

Note

New lows incoming. Maybe a diagonal from top?

Note

Have gone through the scenario with a diagonal from top to 30k. This cannot be a diagonal afterall since wave 4 was longer than wave 2. So that count is invalidated. So if the move Down from top was a double zigzag the cycle from top has ended indeed unless its not zigzags. So that Can only mean that prior move yp to 44 k up was only first leg of a counter move up of some sort.

Note

So this scenario because the diagonal pattern is invalidated

Note

If new lows comes the bearish scenario would be that its a y wave Down or a 3 rd wave of diagonal. We might be forming a Big flat correction from the 2 alth then with target at 28 k.

Note

Looks very much like we get another zigzag down to new lows. If we get a zigzag down then we have a triple three correction. Since it cannot be a diagonal - it Can only be a c wave of developing triangle or a wave 2 ( if it retrace less than White Line.

Note

5 th wave coming Down

Note

A triangle seems most likely at the moment. Move Down from top - I dont see it could be a 5 wave structure. Pretty sure its a double zigzag.

Note

Looking for b wave to finish. Could be a wxy (y wave being blue abc) or a triangle.

Note

gone through the wavecount from top. it might be a 5 wave decline afterall. on 4h we can see that the possible 5th wave did make a divergence on rsi to the 3rd wave (that is not visible on higher tf, which tricked me). if it is a 5 wave decline, we are about to tank - possibly to 21 K. this scenario and the above triangle scenario are both possible for now.

WaveNerd

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.