Bitcoin has rallied nicely off it's November bottom completing an impulsive 5-wave pattern. That's the good news. What's next? We should expect a retrace. If we retrace correctively in an ABC pattern into the target box, then impulsively breach the wave 1 high recently struck, Bitcoin could breach the $26,000 giving us our first clue we may have bottomed.
Once we breach the wave 1 (if wave 1 is done) breaching $26,000 should not be a problem.
Now can we extend in our wave 5 of larger wave 1...sure. What is important is we have a full pattern...so naturally we should be expecting a retrace. Again, I will repeat, we expecting a wave 2. Wave 2's can be shallow or deep. They are by nature unpredictable...hence the large target box.
Best to all,
Chris
Once we breach the wave 1 (if wave 1 is done) breaching $26,000 should not be a problem.
Now can we extend in our wave 5 of larger wave 1...sure. What is important is we have a full pattern...so naturally we should be expecting a retrace. Again, I will repeat, we expecting a wave 2. Wave 2's can be shallow or deep. They are by nature unpredictable...hence the large target box.
Best to all,
Chris
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إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.