In my previous analyses, I have been explaining about the recent Converging diagonal Waves. I have also attached the link to the previous ideas and its a follow up of that. I mentioned we will be going toward ~39k region from where we will enter in Wave C. And i believe we have entered correction wave C which can lead us as down as 38-39k. Reasons for bearish sentiments are as follows:
1. Bearish Engulfing on Daily. 2. Inverse Cup and Handle on 1HR 3. BTC broke key level. 3. Bearish divergence of 4hr playing out. 4. ETH broke major structure. 5. Quiet a few ALTS broke key level indicating market bleeding and people panicking. 6. Correction wave C. 7. Demand Zone is weak.
My reason behind 38-39k region being the bounce point are as follows:
1. Correction Wave C ends where Impulse Wave 2 ended in Diagonalwaves. 2. 0.618 fib is present in that region. 3. Major Demand zone.
Kommentera
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Typing error in the first line. I was meant to say 49k instead of 39.
Kommentera
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Well, this escalated quickly. I was expecting a couple days till we get there but the FUD in market due to ASE and other factors pushed the BTC to come down swiftly.
@ssaleem17691 Its not elliot impulse waves. You would have knows if you had checked my related Ideas which i posted on BTC daily when we were in wave 4. Search for Converging Diagonal Waves, you might understand better
FVGLover
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@syedhamza2135, would you please show me a converging diagonal in which these 12345 waves are. and what are these waves (12345) on a bigger scale? are they wave 5? or wave 3? or wave 1? or wave A?