BTCCNY - Zoom in: Bull Trap Before Major Move Down
Price broke out of the Wave 4 triangle (black triangle) to start wave 5 and finish the short move up of Wave ii (of Wave 5 of Wave C) with a target of 1756 before starting descent down for Wave iii of Wave 5 (to complete Wave C and start new cycle to ATH).
Target of 1756 calculated by determining estimated end points of Waves C, 5 and v, by looking for fibonacci clusters that coincide for all three:
(i) Wave C (of ABC Zigzag of Wave ii ): Wave C = Wave A-B x 1 (100%)
(ii) Wave 5 (of Wave C of ABC Zigzag of Wave ii): Wave 5 = Wave 1-3 x 1 (100%)
(iii) Wave v (of Wave 5 of Wave C of ABC Zigzag of Wave ii): Wave v = Wave i-iii x 0.618 (61.8%)
Besides 1756, the next set of fibonacci clusters for all three waves is at 1942 but unlikely as both MACD and RSI show divergence (see blue lines). (End points for Waves C, 5 and v, that coincide with each other at 1942 are 2.618, 3.618 and 4.236, respectively)
Target of 1756 calculated by determining estimated end points of Waves C, 5 and v, by looking for fibonacci clusters that coincide for all three:
(i) Wave C (of ABC Zigzag of Wave ii ): Wave C = Wave A-B x 1 (100%)
(ii) Wave 5 (of Wave C of ABC Zigzag of Wave ii): Wave 5 = Wave 1-3 x 1 (100%)
(iii) Wave v (of Wave 5 of Wave C of ABC Zigzag of Wave ii): Wave v = Wave i-iii x 0.618 (61.8%)
Besides 1756, the next set of fibonacci clusters for all three waves is at 1942 but unlikely as both MACD and RSI show divergence (see blue lines). (End points for Waves C, 5 and v, that coincide with each other at 1942 are 2.618, 3.618 and 4.236, respectively)
