Update on previous idea from November.
BTC is a standard corrective pattern for its 4th wave and has clear price action within a trend based fib extension.
This chart is no indicator of time.
Bullish count;
Wave C has completed a standard 1:1 of Wave A which can be seen as a completed flat corrective pattern, and we may now proceed to completing its 5th impulse up.
Bearish count;
From a fractal point of view, Wave C can still be counted as only 3 waves down and we're currently in its 4th wave corrective and may still put in a 5th wave impulse down to the 1.236 or 1.382 completing a running flat and then proceed with its 5th impulse up.
I believe this is going to be dependant on the performance of stocks as BTC has to lose its previous support that was held for 10 weeks.
Alternative count;
BTC performs a ABCDE correction within a triangle/channel as outlined in chart.
BTC is a standard corrective pattern for its 4th wave and has clear price action within a trend based fib extension.
This chart is no indicator of time.
Bullish count;
Wave C has completed a standard 1:1 of Wave A which can be seen as a completed flat corrective pattern, and we may now proceed to completing its 5th impulse up.
Bearish count;
From a fractal point of view, Wave C can still be counted as only 3 waves down and we're currently in its 4th wave corrective and may still put in a 5th wave impulse down to the 1.236 or 1.382 completing a running flat and then proceed with its 5th impulse up.
I believe this is going to be dependant on the performance of stocks as BTC has to lose its previous support that was held for 10 weeks.
Alternative count;
BTC performs a ABCDE correction within a triangle/channel as outlined in chart.