What is the next market direction? Here is your preparation for facing the market ahead while I am offline.
The current price is nearly reaching target 1. There are two scenarios based on price reaction and current movement. Remember, the outcome depends on market euphoria and purchasing power.
1. It can still continue with a shallow correction and reach 120k+ if the momentum is still strong, and if the current movement resembles this correction, it is merely consolidation, not a correction in subwave.
2. Rise and then stop in the area of 112k-115k with remaining strength.
From the smaller time frame, we are in the third major upward impulse wave.
The previous structure was a WXY correction from the old ATH. But it has finished and then grew into the upward impulse that you witnessed yesterday.
Major Wave 1 [1,2,3,4,5] wave (finished)
Major Wave 2 [1,2,3,4,5] complex correction (finished)
Major Wave 3 [1,2,3,4,5] the current price 111k is in the major wave 3
Next, there will be a corrective wave 4 [possibly not as long as wave two because wave two was already very complex and extended. Major corrective wave 4 as a correction of the current rise [major wave 3]
Then after it finishes, it will enter into major wave 5 where possibly alt can explode (in bitcoin history usually in wave 3-wave 5).
And most likely I will sell alt allocation in major wave 5 later if in this wave three it does not explode significantly.
Why?
Because after major wave 5 there will be a major correction of the ENTIRE upward impulse, namely from wave 1-5. This is the accumulation phase before entering a new cycle.
Perhaps a kind of bear market. The duration depends on the current cycle. If the total of all waves 1-5 takes 2 months, then the possibility of that bear market will also take 2 months, or more, depending on the market. After that, there is usually a new impulse which is a new cycle: bullrun.
Thank you, stay safe.