Bitcoin is in an ABC flat correction, consisting of 3-3-5 (ABC) waves. We are currently in wave C, which is made up of 5 waves. In our last analysis, we identified the 4th wave and anticipated a breakdown for the final 5th wave.
We are now in the 5th and final wave, which is broken down into 5 subwaves.
We require price to go below 17.6k in order for wave 5 to be valid (unless its a rare truncated 5th wave). We anticipate price to stay above the 13k region. This gives us a clean area to look for buys = 13k to 17.6k.
Trade Idea:
- Count 5 subwaves for the 5th wave
- Once we're in the fifth subwave, watch for bullish reversal patterns such as trendline break, BOS etc.
- Targets: 68k, 80k, 100k
See below for our previous Bitcoin analysis
See below for our higher timeframe analysis
Goodluck and as always, lets trade safe!
We are now in the 5th and final wave, which is broken down into 5 subwaves.
We require price to go below 17.6k in order for wave 5 to be valid (unless its a rare truncated 5th wave). We anticipate price to stay above the 13k region. This gives us a clean area to look for buys = 13k to 17.6k.
Trade Idea:
- Count 5 subwaves for the 5th wave
- Once we're in the fifth subwave, watch for bullish reversal patterns such as trendline break, BOS etc.
- Targets: 68k, 80k, 100k
See below for our previous Bitcoin analysis
See below for our higher timeframe analysis
Goodluck and as always, lets trade safe!
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