Reposting idea, dislike the way mobile charts look
Why?
Looking at BTC's fall today, there's a lot of factors at play.
First, the effort to turn the largest BTC hedgefund into an ETF by Grayscale was rejected by the SEC.
The premarket for the US stock market was down about 1-2% total by the open.
These factors determined BTC's performance today and indicate the week likely closing red.
With this in mind, we take a look at the chart on the 15M.
We witnessed a major drop indicating the third wave occurred, so next look for a wave pattern.
Wave Analysis
ABC correction is underway, waiting for the start of a new wave cycle. Wait and see.
Why?
Looking at BTC's fall today, there's a lot of factors at play.
First, the effort to turn the largest BTC hedgefund into an ETF by Grayscale was rejected by the SEC.
The premarket for the US stock market was down about 1-2% total by the open.
These factors determined BTC's performance today and indicate the week likely closing red.
With this in mind, we take a look at the chart on the 15M.
We witnessed a major drop indicating the third wave occurred, so next look for a wave pattern.
Wave Analysis
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Wave 1 and 2 are hard to spot on larger timeframes, but the 5-15M show it clearly.
Wave 2 had a retracement to 0.236 fib
Wave 3 was a major fall, retracing to about the 5.272 fib. (6% drop from the end of wave 1)
Wave 4 had a retracement to 4.236 fib.
Wave 5 was a sudden drop, ending at 5.618 fib.
ABC correction is underway, waiting for the start of a new wave cycle. Wait and see.
