Bitcoin latest updateHello traders, welcome to today’s analysis. I hope you are all doing great.
From our previous analysis, we took a swing trade from higher 17k region to around mid 19k, sorry I missed an update earlier this week.
We reached the top on btc around 19.5k with a lower sub-wave truncation and got some massive rejection.
Wave truncations generally indicates that the market is over stretched and reach a top, but in this case we can call this a local top for btc if and only if we get some healthy corrections to the downside to keep the bull run in motion and eventually shatter the ATH another possibility is a change in trend which there’s no confirmation for that yet except for the fact that we got a double top with ATH in our last rally.
The correction can come in any form and I don’t want to be all speculative about it, but usually with btc, WXY correction is a common one.
The first level of correction we got is about 0.618(or 68%) retracement of wave 5(higher degree) impulsive move which is around 16k region, I labelled that wave w.
The second level of correction we would like to see which could turn out to be a major correction for the impulsive move we’ve been tracking from higher 9k to 18k region could lead us to around 14 or 13k region, which is a good spot for re-accumulation for a market continuation pattern. If it fails, then that could hint a change in trend.
We’ll be taking the corrective phase one at a time and try to be less speculative as possible.
Trade Setup: We expect some retracement to 18k region (.5 or .618 fib level) which I’ll call wave x to correct for the recent dip we had before a continuation to the downside. You can wait for this retracement if you don’t want to scalp to 18k
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Nueel_classic
