(W-X-Y NOTATIONS ARE IN WHITE)
W-X-Y - sideways correction - What was initially seen as a W-X-Y formation on BTCUSD, was also beginning to form a symmetric triangle. However, both show signs that the final actionary wave is about to complete to complete the first wave of a larger degree.
If this pattern were to be a W-X-Y, the W formation takes the shape of an regular flat, a 3-3-5 clearly shown in Wave was not an adequate retracement following such huge parabolic rise, the market was in the need of extending is duration. So, the W followed with an intervening X, to form the final pattern of a 5-3-5 ZigZag.
(TRIANGLE NOTATIONS ARE ARE IN YELLOW)
Triangle formation also adds support in our theory that BTC is likely to go up to complete its final wave, forming a 3-3-3-3-3 formation with E having its own extended ABCDE as shown by its own triangle. Given that triangles always precede the final actionary wave, we can expect to see a final wave up to complete the first wave of a larger degree.
RSI and MACD - The RSI and MACD are also bullishly diverging meaning that an attempt to break out seems likely as bulls are gaining steam.
Conclusion
Whether a W-X-Y formation or a triangle, both are corrective patterns that seem like the final actionary wave is in as, W-X-Y-X-Z formations are rare, and triangles are always preceding the final actionary wave. Followed, by bullish divergence form the MACD and RSI, I believe BTC will meet its all time high before coming back down again.
W-X-Y - sideways correction - What was initially seen as a W-X-Y formation on BTCUSD, was also beginning to form a symmetric triangle. However, both show signs that the final actionary wave is about to complete to complete the first wave of a larger degree.
If this pattern were to be a W-X-Y, the W formation takes the shape of an regular flat, a 3-3-5 clearly shown in Wave was not an adequate retracement following such huge parabolic rise, the market was in the need of extending is duration. So, the W followed with an intervening X, to form the final pattern of a 5-3-5 ZigZag.
(TRIANGLE NOTATIONS ARE ARE IN YELLOW)
Triangle formation also adds support in our theory that BTC is likely to go up to complete its final wave, forming a 3-3-3-3-3 formation with E having its own extended ABCDE as shown by its own triangle. Given that triangles always precede the final actionary wave, we can expect to see a final wave up to complete the first wave of a larger degree.
RSI and MACD - The RSI and MACD are also bullishly diverging meaning that an attempt to break out seems likely as bulls are gaining steam.
Conclusion
Whether a W-X-Y formation or a triangle, both are corrective patterns that seem like the final actionary wave is in as, W-X-Y-X-Z formations are rare, and triangles are always preceding the final actionary wave. Followed, by bullish divergence form the MACD and RSI, I believe BTC will meet its all time high before coming back down again.