We can see two consecutive waves(in blue) fully formed(12345 Impulse-ABC Correction).
The impulse part of a third wave fully formed, piercing through the long term uptrend line(starting mid summer) hopefully the corrective wave will form and will manage to turn long term uptrend line back to support.
In turn these waves form the impulse part (12345) of a bigger wave and the green arrow would be it's corrective wave( ).
The yellow horizontal at 7.8k has switched between quite a few times since mid November and once it turned from resistance to support back in 19th November the massive Christmas climb started.
Not saying that this will necessarily happen again but one can hope :). The purple long term uptrend is meeting the downtrend since the ATH in the following days which coincides with the start of a new financial year.
Let's hope the bulls will show up in a good mood.
Have no idea if any of this will develop like that, there is one thing I am sure of, NO-ONE SHOULD CONSIDER THIS FINANCIAL ADVICE.
Have fun people, long live crypto!!!
"In turn these waves form the impulse part (12345) of a bigger wave and the green arrow would be it's corrective wave( ABC )."
The green arrow would be the corrective wave for the last blue small wave(ABC) and just the first part of the corrective wave of the bigger wave in magenta (A) which could lead to a trend reversal...
Noobs what do you expect :)