crypto market pathHere is projection for upcoming targets path.
As we see tonight reaction gone further than 61%. This is not standard ratio and may indicate the power of underlying trend.
According to my waves count market is in a B wave of minor degree now. The important thing about it - is degree positions:
The end of subwave C will coincide with the beginning of the primary degree wave.
The only question how the wave will start: will it start from primary degree correction of previous bull market? Will it begin from a 1 wave of a new bull market comparable in size to the one we had since 2022 December? or we will face a tremendous bear market structure, correcting the whole 16 years crypto history?
My base scenario is the first will be -
1) A primary degree correction which could lead to usdt.d dominance to 6.4 - 8.5%! on Bitcoin, this could lead prices below 60k.
2) The first wave of new bull market will start after the primary correction.
I come to the wave count conclusion by analyzing MACD at 4d+ time frame. As you know 5 waves down is never the end. So the primary wave count may hint us continuation of the bull market, as part of the double zigzag at usdt.d. The leading indicator here may be DXY. There is a wave C, which can bring the dominance to 94 - 84%, and quite quickly.
I am looking for more confirmations of the structure, which may take time along with the pattern development.
Welcome to comments and see you soon!
