Bitcoin dollar B wave at Fib Support! Is the bull trend back on?

From the daily below it appears that a double zigzag has formed at the Sept low.  Intermediate wave (1) topped at the 13764 June high.  From there, the crypto fell in a zigzag to the 9084 July 17th low.   The ensuing rally was also in 3 waves and made it up to the 12325 Aug high before succumbing to the downtrend again.   I labeled this an X wave given the drop that followed. 

First we got five waves down to the 9522 Aug low where the pair started going sideways in a triangle pattern which lasted to Sept 19th.  From there the pair dropped in five waves to the near Sept 30 low.  Looking back up to the Aug 16th high we have three distinct waves with a triangle B wave.  We can be safe assured that a double zigzag has formed at this near low.

If the pair does drop some more, I do not think that it will get down below the 7432 May/June 2019 swing lows now supporting.   If this were to happened, then the drop from the 1087 Sept high should morph into an ending diagonal series. 

For this to happen now the pair should pop up once more cutting out a zigzag for a 2 wave of an ending diagonal series.  From the 120-minute chart below you can see the five waves have made it up for Red Circle-a.  The drop hit the 61.8% and bounced.  Remember that we need a move up above Red Circle-a high to confirm Red Circle-a done. 

1 comentario

Añade el tuyo →

Deja una respuesta