BTC Overall – 1
Bitcoin / TetherUS PERPETUAL FUTURES BINANCE:BTCUSDTPERP
Starting at 69KIf we think about the wave, we are in the 5th bearish wave of this wave. In order to use the waves correctly, it is necessary to draw all the waves from the first day to the present. It consists of 5 impulse and 3 response waves. After every 5th impulse wave ABC gives 3rd wave of response, this cycle continues. Current In order to find the wave, the entire time history should be analyzed and the 5th impulse and 3rd response waves should be drawn, as a result of which it is understood which wave we are in the present. Since I do not have such time, I will write ideas that can be from every angle.
Considering that there is a 5th impulse wave coming from 69K, we are in the last bearish wave of this wave.In waves, targets are determined by Fibonacci lines, it is seen that the 2nd wave fibonacci returns from 0.382, the 4th wave from 0.236, which makes the bearish 5th wave stronger.
Downside 5’s elliott: 3rd wave can’t be the shortest wave! Since wave 1 is longer than wave 3, wave 5 must definitely be shorter than wave 3. When we determine the 3rd wavelength and bring it to the level of $25.200, which we estimate that the 5th wave has started, the 3rd wavelength comes to the level of -$5,000, but since the price cannot go negative, any price can come up to 0. To soften the target a little more, our Fibonacci targets are 2: $13.021 and $5,486
Rising wedges often bring bears, and you see examples of this in parallel channels. The drop target is waited until the flagpole. A bullish trend in BTC from $17,593 to $25,200.and it broke down as expected. The flagpole is also the target, rising target: $10,723