BTCUSD continues to be correcting till 48K-62K band, this is weekly chart so it will take time.
Current up-move seems to be X wave as indicated.,
Why 51-62K is the band where correction will end ?
a. Technical divergence gets resolved here
b. 1.618 Fib relation of assumed corrective Wave-W falls in this band
Can the current rising segment impulsive ?
No because current rising segment is pretty corrective supporting high probability of next wave-Y
Will the correction stop at Wave-Y ?
May not be as one more leg up (Wave-X) and one more Leg down (Wave-Z) can be formed
Current up-move seems to be X wave as indicated.,
Why 51-62K is the band where correction will end ?
a. Technical divergence gets resolved here
b. 1.618 Fib relation of assumed corrective Wave-W falls in this band
Can the current rising segment impulsive ?
No because current rising segment is pretty corrective supporting high probability of next wave-Y
Will the correction stop at Wave-Y ?
May not be as one more leg up (Wave-X) and one more Leg down (Wave-Z) can be formed
Trade active
Price is in last stages of creating B wave , post this the fall startsNote
Current rise so far in BTCUSD has been very weak, so time for it to form the leg-C of the correction, only time will tell if my view is right
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.