As i mentioned before it wasn't a triangle, at least in elliott wave perspective wasn't. So with this move a lot of things confirmed, i admit i didn't trade this move but it is more obvious to me right now that we are in a WXY or WXYXZ correction. We have a beautiful flat for wave W and not so beautiful zig-zag for wave X and now a zig-zag as wave Y.
In sub wave count of wave Y we have a ABC zig-zag correction. I putted a fib extension tool from the beginning of wave A till the end of it then i started it from the highest point of wave B. In the 7900 price wave C equaled wave A and it is more likely for the price to reverse from there.
There is two possible scenarios :
1_ Bitcoin completed the correction and it will start bigger wave 3 from here.
2_ Bitcoin will start a new wave X and the the final leg to downside as wave Z.
In sub wave count of wave Y we have a ABC zig-zag correction. I putted a fib extension tool from the beginning of wave A till the end of it then i started it from the highest point of wave B. In the 7900 price wave C equaled wave A and it is more likely for the price to reverse from there.
There is two possible scenarios :
1_ Bitcoin completed the correction and it will start bigger wave 3 from here.
2_ Bitcoin will start a new wave X and the the final leg to downside as wave Z.
Note
Note
Note
MACD is about to give us a buy signal. wave count supports this idea. weekly EMA ribbon confirms that. and bitmex overal bias is bearish.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.