Buy Bitcoin; Just Not Right Now! Let The Bears Eat.
Based on Elliott Wave analysis and what's determined to be the most likely outcome for Wave 4, I suspect that we're currently in the 1st of 3 phases for the total completion of the Wave 4 correction.
Typically, a primary Wave 4 will retrace down towards the zone of the previous sub-wave 4 (aka Wave 4 of primary Wave 3). In Bitcoin's case, Wave 4 of Primary 3 is near or slightly under $40K.
With Primary Wave 2 being a sharp correction, Wave 4 will be what's called a 'sideways' type of move. As in, the correction takes plenty of time and does not make sudden, descending moves; not at all once anyway.
A flat correction consists of a 3-3-5 wave sequence. We're likely in the first 3 wave sequence with (A) being a running flat. Should B wave not break the highest point of Wave A, we can fully expect more correction down to the C Wave target range, near or directly below $40K.
Stay woke :)
Typically, a primary Wave 4 will retrace down towards the zone of the previous sub-wave 4 (aka Wave 4 of primary Wave 3). In Bitcoin's case, Wave 4 of Primary 3 is near or slightly under $40K.
With Primary Wave 2 being a sharp correction, Wave 4 will be what's called a 'sideways' type of move. As in, the correction takes plenty of time and does not make sudden, descending moves; not at all once anyway.
A flat correction consists of a 3-3-5 wave sequence. We're likely in the first 3 wave sequence with (A) being a running flat. Should B wave not break the highest point of Wave A, we can fully expect more correction down to the C Wave target range, near or directly below $40K.
Stay woke :)
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Because there are 3 types of flats, I've outlined the fib levels for the B and C waves of each type (regular, running and extended). Extended Flats are the most common but either are technically a possibility.
Based on the location of the sub-wave for Wave 4 of the 3rd wave, I'm still guessing we'll get an Extended Flat here near $40K.
Based on the location of the sub-wave for Wave 4 of the 3rd wave, I'm still guessing we'll get an Extended Flat here near $40K.
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