This is one of my more speculative charts, market conditions can change and wave structure is based on likely supports and resistances.
1. Bull Pennant - The current price action is making a bullish pennant with bullish divergence on the RSI, the target for this taken from the flagpole is the 10k area. (Wave 3 target, wave 4 being placed at a support test)
2. Cup And Handle (Green) - Current price action also seems to be a cup and handle with a pennant as the handle, the price target for this cup and handle is the 11.5k area. (Wave 5 target)
3. Cup And Handle (Blue), ABC Correction - Once the Green cup and handle target is reached, this would make 5 waves up, with wave 5 being at significant historical resistance, I believe this should spark an ABC correction, which can make a handle to an even bigger cup and handle.
1. Bull Pennant - The current price action is making a bullish pennant with bullish divergence on the RSI, the target for this taken from the flagpole is the 10k area. (Wave 3 target, wave 4 being placed at a support test)
2. Cup And Handle (Green) - Current price action also seems to be a cup and handle with a pennant as the handle, the price target for this cup and handle is the 11.5k area. (Wave 5 target)
3. Cup And Handle (Blue), ABC Correction - Once the Green cup and handle target is reached, this would make 5 waves up, with wave 5 being at significant historical resistance, I believe this should spark an ABC correction, which can make a handle to an even bigger cup and handle.
Comment:
It seems BTC is making a different cup and handle after that pennant break, target is the 12k area.
Comment:
The original structure speculation was somewhat truncated by a short fifth wave, the break target for this is the resistance at around 11.6k
