How much more Bitcoin can go down?
This is a billion-dollar question. To answer it, a simple look at the previous correction phase can shed some light to the unknown future. Let’s dig in.
As can be seen in the chart, waves 2 and 4 in the previous correction phase retraced up to the 0.5 and 0.382 Fib levels, respectively. Interestingly, the waves 3 and 5 went down to the 1.272 and 0.5 Fib extension levels, respectively. This means the wave 3, which was the extended wave among waves 1, 3 and 5, had a deeper correction (wave 2) before going down. On the other hand, the weaker correction (wave 4) led to wave 5 going down only to the 0.5 Fib extension level.
Now, let’s see how the current correction phase has behaved so far. It can be seen that the wave 2 retraced up to the 0.382 Fib level; a weak retracement. Consequently, wave 3 went down to the Fib extension level equal to the wave 1. That means, in this scenario, the wave 3 is not the extended wave. On the other hand, wave 4 retraced up to the 0.618 Fib level; a strong retracement. This can only mean that wave 5 could be the extended wave and go down much more than wave 3 has went; at least to the Fib extension level 1. Therefore, guessing that wave 5 could go down to the area around 1.414 and 1.618 Fib extension levels is not farfetched. Let's see what happens.
This is a billion-dollar question. To answer it, a simple look at the previous correction phase can shed some light to the unknown future. Let’s dig in.
As can be seen in the chart, waves 2 and 4 in the previous correction phase retraced up to the 0.5 and 0.382 Fib levels, respectively. Interestingly, the waves 3 and 5 went down to the 1.272 and 0.5 Fib extension levels, respectively. This means the wave 3, which was the extended wave among waves 1, 3 and 5, had a deeper correction (wave 2) before going down. On the other hand, the weaker correction (wave 4) led to wave 5 going down only to the 0.5 Fib extension level.
Now, let’s see how the current correction phase has behaved so far. It can be seen that the wave 2 retraced up to the 0.382 Fib level; a weak retracement. Consequently, wave 3 went down to the Fib extension level equal to the wave 1. That means, in this scenario, the wave 3 is not the extended wave. On the other hand, wave 4 retraced up to the 0.618 Fib level; a strong retracement. This can only mean that wave 5 could be the extended wave and go down much more than wave 3 has went; at least to the Fib extension level 1. Therefore, guessing that wave 5 could go down to the area around 1.414 and 1.618 Fib extension levels is not farfetched. Let's see what happens.
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Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.