Larger Macro 5th wave building to the downside!
Bitcoin has seen some consolidative sideways price action since mid September, holding onto key support levels ranging between $18700 to higher resistance at $20350; ultimately a clear break in either direction gives us a clear sentiment as to where the asset will move in future months. In the larger picture Bitcoin remains in a possible Macro 5th wave to the downside which could be in the process of unfolding with a clear break of $18600 area a possible impulse to historic support levels more than likely. There are some inherent signs of weakness in Bitcoin including the loss of the 200 MA on the weekly time frame which is yet to have happened in BTC history.
As shown on chart there is the possibility that BTC is building a larger macro 5th wave with sub waves evident, followed by complex corrections which means a possible extended wave 5 is incoming with an intial target of $14800; however, price will be drawn towards the $10800 area where the 0.618 fib retracement exists and confluence of fib extensions also. To summarise Bitcoin remains in a Macro 5th wave to the downside and has completed a 1,2 , 1,2 subwave formation which is yet to have played out.
Have a great day!!
As shown on chart there is the possibility that BTC is building a larger macro 5th wave with sub waves evident, followed by complex corrections which means a possible extended wave 5 is incoming with an intial target of $14800; however, price will be drawn towards the $10800 area where the 0.618 fib retracement exists and confluence of fib extensions also. To summarise Bitcoin remains in a Macro 5th wave to the downside and has completed a 1,2 , 1,2 subwave formation which is yet to have played out.
Have a great day!!
