After Ranging in the $30000-$31000 area Bitcoin broke down quite strongly after testing the Black orderblock shown on chart numerous times showing signs of weakness; additionally from the top at $31431 on saturday 24th of June labelled we can see a series of complex corrections in the form of 3 waves. We then made a new high in 3 waves again to complete an X wave before strong rejection which tells us a correction of previous gains in Bitcoin was underway and a lower leg was likely in the form of 3 waves or a Y wave which is evident.
A Schiff pitchfork has upheld price very nicely inside the lower degrees of this Y wave using the genesis of W wave, completion of W wave and the completion of the X wave as the 3 points.
-> price tagged the upper median line getting rejected quite nicely and wicking; upon confirmation a sell off could be likely with the median line and lower median line a plausbile target.
Price can come down in a 5 wave manner to complete the terminal C wave in this correction.
Lower prices will give good buying oppurtunities at strong support levels in what could be a Wave 2 progression of a larger 5 wave impulse to higher prices.
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A Schiff pitchfork has upheld price very nicely inside the lower degrees of this Y wave using the genesis of W wave, completion of W wave and the completion of the X wave as the 3 points.
-> price tagged the upper median line getting rejected quite nicely and wicking; upon confirmation a sell off could be likely with the median line and lower median line a plausbile target.
Price can come down in a 5 wave manner to complete the terminal C wave in this correction.
Lower prices will give good buying oppurtunities at strong support levels in what could be a Wave 2 progression of a larger 5 wave impulse to higher prices.
Please like and follow for more, Cheers!