$BTC Current wave breakdown

2 thg 1

BTC Current wave breakdown
-Speculating 48K to be a resist level, and 40K to be a support level.
--Looking at the fib of the 65-15K correction,
--Neither the 0.382 nor 0.5 range worked as a resistance level, making 0.618(48K) compelling to be the top of this wave.
--48K is also the end of the thickest value area within 64-15K correction
--Historically, BTC topped at Fib 0.618 level of a total bear market move twice out of three, in 2016 and 2019, before it had a substantial pullback. Only in 2013, it topped at 0.5.
-The wave from 25K-current 45K is impulse-able if it makes 3-4 more tops with corrections in between.
-If it finishes an impulse, there will be a big correction, minimum to 27K, then BTC is set to explode, entering a bull market for a new ATH.

Sub scenario: ABC-ing or ended
-It could drop from any now, or top at 50K without a correction.
-At least drops to 26.7k.
-Likely to triangle, double three, or triple three. (80%)
-Potentially breaks 15k level. (20%)

TLTR: BTC will be going sideways between 40k-48k for months. Suppose it makes 3-4 more tops from now, the future is bright. Less than three tops, not so much.