Is Bitcoin (BTC) Done Correcting? – Wave Count Analysis
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Sharp correction
The most bearish probability is that BTC is in an irregular flat correction. This would mean that waves A:C would have a 1:1.61 ratio, leading to an eventual low of $12,345.
The sub-wave count is given in black, suggesting that BTC is in sub-wave three. In this opportunity, it would break down from the channel, verify it as resistance before resuming its descending progress.
Also, this would not align well with the previously discussed cone time beforept of alternation, afterward waves two and four would be very similar in length of retracement, both tumbling to the 0.85 Fib retracement support level.
Finally, a low of $12,346 would break the wave one strong (red line), hence rendering this an inlegit correction based on EW theory.
Sideways correction
The neutral probability suggests that BTC is fixed in a fourth wave triangle.
In this outline, BTC would increase towards $55,250, the 0.618 Fib retracement resistance level before decreasing atop again. The entire shift would complete a symmetrical triangle, from that an eventual breakout would be expected.
Besides the matter that the correction could extend for nearly 400 days, this likeliness does not break any EW rules.
Correction is complete
The final and most inclined likeliness suggests that BTC has finished its protracted-term wave four within the current surging suchlike channel. In it, waves A:C have had an exactly 1:1 ratio, that is the most common one in parallel corrections.
This would effectively complete a running flat correction.
The main issue with this count is the limited movementment. Since the Jan 24 low, the ensuing jump does resemble a three wave structure more than a five wave one.
This could either mean which BTC will make a slightly lower low near $34,000 but back although again respect the channel, or that the previously scenariod triangle opportunity will play out.
The interim progressment atop the next few days will be essential in determining that of these possibilities will transpire.
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