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Wolfe Wave

BTC - Wolfe Waves pattern-CURRENT BTC AND MARKET SITUATION- Hello everyone. Hope everyone is doing well. The market is still on a downtrend as expected. Although the previous BTC charts show that a potential drop to $20,000 is still possible, I personally don't think it will go that low as of now. I personally believe BTC will drop just a bit lower before bottoming out and I have for a while now. Both the Daily and the Weekly RSI show the December drop as a "lower low" while the price action shows a higher low. The Weekly MACD and the fact that BTC fell below the 20W SMA were also indications that BTC would head lower because of the massive amount of resistance above. BTC bulls got rejected at the 52K resistance and now here we are. -WOLF WAVE ANALYSIS & EXPLANATION- In Technical analysis, Wolfe Waves are price patterns consisting of 5 waves and can be either bullish or bearish. The channel created by points 1 and 2 must also contain points 3 and 4. It should be a parallel channel or very close to it. Connecting points 1 and 4 creates a "take profit" target line. It is similar to Elliot Waves but is more simple than Elliot Wave Theory. There are a few simple rules explained in the picture below. Wolfe Waves can be found across all timeframes. I will leave a link to the previous BTC chart analysis here. If you like this idea/explanation please LIKE , FOLLOW, SHARE, and COMMENT if you'd like. Thanks for reading. Take care. *** As always, this is NOT financial advice. This is just an idea based off my experience. Always do your own research before investing or trading***
INDEX:BTCUSD
by Mboersma0324
11
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CBOT:UB1!Education
by d-MR96nBa
13