How the correction has penetrated the starting point of the rise to 111,980 ~ 104184, means that we are currently synchronized to face the high timeframe correction.
Btc at 51-69k & currently looks very similar to its pattern. Most likely we are in the same pattern (corrective subwave two) on the high timeframe. It needs a few more large red candles to complete the internal subwave 2 correction on the major wave five before rising to the peak.
Retrace targets:
23.6%: 111.980 – (0.236 × 37.472) = 103.132 (occurred)
✅ 38.2%: around 99.138-98,800
✅ 50%: around 95.175-93.244
✅ 61.8%: around 91.211-88.836
From the high timeframe 1W, currently the possibility is that subwave 1 of wave 5 is finished at 74k-111.9k, entering internal corrective subwave 2 aiming for subwave 3 in the larger wave.
Although visually it may look like this in wave 3 of wave 5, or on a small timeframe as if we are in subwave 4, the difference in wave labeling usually occurs because of differences in small & high timeframes and also the manipulation of shapes. It could be that in the smaller timeframe wave 3 is large and completed, but in the higher timeframe it is just starting subwave 1.
But the point is, looking at the number 104184 being breached, we need to recheck the validation of the impulse, meaning that in the small timeframe, it could be that btc has already completed its sub 1-5 without us realizing it, due to the complexity of shape manipulation and is currently entering the ABC corrective subwave 2 for impulse 1-5 in subwave 1 on wave 5/3 of the high timeframe.
Or referred to as corrective subwave two on the high timeframe.
But Ayu, has one abc correction structure been completed or finished? How could it possibly go down further?
This can happen. What you see as wave A B C could just be a small fractal part of a larger correction.
So ABC is just part A. B goes up, then C goes down will follow. Or, there will be another correction shape that will form.
But if shallow, btc has touched the shallow retrace & could continue to rise. But that rarely happens and is unlikely unless later ABC changes into a correction pattern that makes the current low the base.
#PCEMarketWatch
Btc at 51-69k & currently looks very similar to its pattern. Most likely we are in the same pattern (corrective subwave two) on the high timeframe. It needs a few more large red candles to complete the internal subwave 2 correction on the major wave five before rising to the peak.
Retrace targets:
23.6%: 111.980 – (0.236 × 37.472) = 103.132 (occurred)
✅ 38.2%: around 99.138-98,800
✅ 50%: around 95.175-93.244
✅ 61.8%: around 91.211-88.836
From the high timeframe 1W, currently the possibility is that subwave 1 of wave 5 is finished at 74k-111.9k, entering internal corrective subwave 2 aiming for subwave 3 in the larger wave.
Although visually it may look like this in wave 3 of wave 5, or on a small timeframe as if we are in subwave 4, the difference in wave labeling usually occurs because of differences in small & high timeframes and also the manipulation of shapes. It could be that in the smaller timeframe wave 3 is large and completed, but in the higher timeframe it is just starting subwave 1.
But the point is, looking at the number 104184 being breached, we need to recheck the validation of the impulse, meaning that in the small timeframe, it could be that btc has already completed its sub 1-5 without us realizing it, due to the complexity of shape manipulation and is currently entering the ABC corrective subwave 2 for impulse 1-5 in subwave 1 on wave 5/3 of the high timeframe.
Or referred to as corrective subwave two on the high timeframe.
But Ayu, has one abc correction structure been completed or finished? How could it possibly go down further?
This can happen. What you see as wave A B C could just be a small fractal part of a larger correction.
So ABC is just part A. B goes up, then C goes down will follow. Or, there will be another correction shape that will form.
But if shallow, btc has touched the shallow retrace & could continue to rise. But that rarely happens and is unlikely unless later ABC changes into a correction pattern that makes the current low the base.
#PCEMarketWatch
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
BTC
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