$BTC UPDATE Tech idea :
Pattern : Potential "WXY Double - Zig zag"
Summary : So to update on this since weve broken
below the "Base channel" which ive warned against this
now even leans even more "Bearish". Which lowers the
possibility of this just being a "Wave 4" and more leaning
towards a "Macro 1-2 wave structure".
So demand wise id expect us to at least come into
"15k- 18k" which is the "2 Week and Weekly demand confluence".
Which is aswell between "1.272 -1.618 extension" and where
we could expect a reaction. So noteable reasons why i
believe the "Sideways combo" is unlikely is we are breaking
below into the "1.618 extension" which isnt very common
for that type of pattern and although its not a "Rule" but if were talking
"Depth Alternation" this should have been a "Shallow correction"
and not to mention again breaking back into the "Base channel"
while looking for a "Wave 4" is pretty much giving you a NO NO Signal.
But to get into the reason why i believe we are just in the mid of this
correction is because "Time wise' from the
Time of the Impulse vs The correction we are not even
(0.236 vs the impulse) which isnt common why is main reason.
Noteables : (Oversold on Weekly Rsi) , (Daily , 2 Day , 3 Day
Big Buy on Market Cipher + Momentum Divergence)
W wave Target : Yellow Box
Y wave Target : Red Box
Pattern : Potential "WXY Double - Zig zag"
Summary : So to update on this since weve broken
below the "Base channel" which ive warned against this
now even leans even more "Bearish". Which lowers the
possibility of this just being a "Wave 4" and more leaning
towards a "Macro 1-2 wave structure".
So demand wise id expect us to at least come into
"15k- 18k" which is the "2 Week and Weekly demand confluence".
Which is aswell between "1.272 -1.618 extension" and where
we could expect a reaction. So noteable reasons why i
believe the "Sideways combo" is unlikely is we are breaking
below into the "1.618 extension" which isnt very common
for that type of pattern and although its not a "Rule" but if were talking
"Depth Alternation" this should have been a "Shallow correction"
and not to mention again breaking back into the "Base channel"
while looking for a "Wave 4" is pretty much giving you a NO NO Signal.
But to get into the reason why i believe we are just in the mid of this
correction is because "Time wise' from the
Time of the Impulse vs The correction we are not even
(0.236 vs the impulse) which isnt common why is main reason.
Noteables : (Oversold on Weekly Rsi) , (Daily , 2 Day , 3 Day
Big Buy on Market Cipher + Momentum Divergence)
W wave Target : Yellow Box
Y wave Target : Red Box