As we delve deeper into our understanding of Bitcoin's trajectory, it's essential to examine the 1-week frame to reinforce the perspectives shared in my previous analyses, 'BTC: No Bearish Trend Before Reaching 42K' and 'BTC: Deciphering the Wave B Scenario'.
In the attached chart, you'll notice a support channel that I've drawn from the initial price to the end of wave 2, with a parallel line extending from the end of wave 1. The recent breakout above this channel's upper boundary might signal the beginning of wave 3. However, in my opinion, the magnitude of this breakout is too small to definitively declare the initiation of wave 3.
Moreover, we can observe an intriguing ascending channel connecting the end of wave 1 and the supposed end of wave 3, with a parallel line reaching to the end of wave 2. The current movement respects this channel, and I anticipate that it will continue this upward trajectory until the completion of our five waves.
My perspective suggests we're still amid wave 3, which is yet to conclude and likely to reach the area between 34,500 and 36,000. I foresee an extended wave 3; having finished sub-wave 1, we're currently navigating through sub-wave 2, which I believe will visit the 25,300 to 24,200 range before resuming the uptrend to complete wave 3.
Wave 4 is projected to conclude in the 29,000 to 29,500 zone, with the uptrend persisting until the completion of wave 5 around the 42,000 to 43,000 mark. I'll provide a more detailed analysis of these areas in the comments section.
These five impulse waves will constitute the first leg of our larger Wave B, after which we'll see a dip towards the 0.618 Fibonacci level around 25,000 to 26,000.
In light of this analysis, I project that this specific move will reach its completion by January 2024's end. Thereafter, and throughout 2024, we should witness a larger five impulse wave formation that will craft the third leg of our grand Wave B.
As we steer into 2025, we should brace for a significant downtrend akin to what we experienced in 2022. This correction may steer us towards the 9,000 to 10,000 region and potentially close all the existing CME gaps.
Please note, this analysis is my personal perspective and not financial advice. Always do your research and consider multiple perspectives before making trading decisions. Stay tuned for more updates as we continue to monitor these exciting market waves!
In the attached chart, you'll notice a support channel that I've drawn from the initial price to the end of wave 2, with a parallel line extending from the end of wave 1. The recent breakout above this channel's upper boundary might signal the beginning of wave 3. However, in my opinion, the magnitude of this breakout is too small to definitively declare the initiation of wave 3.
Moreover, we can observe an intriguing ascending channel connecting the end of wave 1 and the supposed end of wave 3, with a parallel line reaching to the end of wave 2. The current movement respects this channel, and I anticipate that it will continue this upward trajectory until the completion of our five waves.
My perspective suggests we're still amid wave 3, which is yet to conclude and likely to reach the area between 34,500 and 36,000. I foresee an extended wave 3; having finished sub-wave 1, we're currently navigating through sub-wave 2, which I believe will visit the 25,300 to 24,200 range before resuming the uptrend to complete wave 3.
Wave 4 is projected to conclude in the 29,000 to 29,500 zone, with the uptrend persisting until the completion of wave 5 around the 42,000 to 43,000 mark. I'll provide a more detailed analysis of these areas in the comments section.
These five impulse waves will constitute the first leg of our larger Wave B, after which we'll see a dip towards the 0.618 Fibonacci level around 25,000 to 26,000.
In light of this analysis, I project that this specific move will reach its completion by January 2024's end. Thereafter, and throughout 2024, we should witness a larger five impulse wave formation that will craft the third leg of our grand Wave B.
As we steer into 2025, we should brace for a significant downtrend akin to what we experienced in 2022. This correction may steer us towards the 9,000 to 10,000 region and potentially close all the existing CME gaps.
Please note, this analysis is my personal perspective and not financial advice. Always do your research and consider multiple perspectives before making trading decisions. Stay tuned for more updates as we continue to monitor these exciting market waves!
Comment:
This chart provides a detailed breakdown of the ongoing five impulse wave sequence
Comment:
The RSI has been moving up with each wave, similar to our price trend. At the last price high, which I believe is the end of the first smaller wave within the larger wave 3, the RSI hit 69.5.
Currently, the RSI has dropped to 55.7. If my prediction that we're going to see a dip down to the 25,300 to 24,200 range happens, then I'd expect the RSI to drop to around 51. This drop in RSI coincides with the end of the second smaller wave within our larger wave 3. After this, I expect a bounce back with RSI potentially going above 70. This would create a pattern similar to what we saw in September 2020.
As always, remember this is my interpretation and not financial advice. Stay tuned for more updates, and happy trading!
Currently, the RSI has dropped to 55.7. If my prediction that we're going to see a dip down to the 25,300 to 24,200 range happens, then I'd expect the RSI to drop to around 51. This drop in RSI coincides with the end of the second smaller wave within our larger wave 3. After this, I expect a bounce back with RSI potentially going above 70. This would create a pattern similar to what we saw in September 2020.
As always, remember this is my interpretation and not financial advice. Stay tuned for more updates, and happy trading!
Trade closed: target reached
