TOTAL2 - Buh-Bye 🚀BTC is currently a very confusing chart - and with good reason. It is throwing many off the scent right here 😄.
On this chart you will see BTC overlaid and it hasn't really made progress north.
But the little devil in the detail I think is that 5 clear waves have printed now.
And although BTC / TOTAL2 are very exotic, if the dominant trend was to the downside then 3 clear waves should be a contination pattern to the downside but thats not what has happened. There has been no bite from the downward trend in wave 4 and price has held.
Instead we are now in a 5th wave and alarm bells should be ringing for bears but everyone appears to be sleeping and counts are being adjusted.
But what is happening I think is clearly revealed in TOTAL2 chart.
And that is the first wave up is a Wyckoff accumulation AR Automatic Rally minor wave ABC.
This leads into an intermediate wave regular flat ABC but now it is inverted for reversal.
And now the 5th wave is the dominant trend coming in to the upside to print LPS Last Point Of Supply and move up to SOS which will be the wave 1 of the trend up.
The change of character CHoCH is clear as TOTAL2 has become impulsive and there have been many alt explosions recently in reflection of that.
As TOTAL2 moves past AR it is a textbook accumulation. The only difference is that crypto doesn't seem to bother with ST or even a SPRING since it is more bullish in correction than other markets.
And from here it may fall and print BU/LPS which is a re-test of AR resistance turned support. But it will very likely be heading up after that and alts will be off to the races yet again.
Buh-Bye! 😄
