On the higher timeframe, Bitcoin is on the 4th wave, which is an ABC corrective wave. We've seen Waves A and B and now currently on Wave C which is a 5-3-5 zigzag.
5-3-5 ZIGZAG: W has 5 waves (follows impulsive schematic) X has 3 waves (follows corrective schematic) Y has 5 waves (follows impulsive schematic)
For Wave W, the 5th wave had 5 subwaves and it appears we are getting an IDENTICAL move this time round. We are currently on the 4th subwave bullish retracement and anticipating a 5th subwave bearish move.
We are expecting price to stay above 13.6K as that's where our wave 4 invalidation level is. See higher timeframe analysis below:
The buzz today was about comments from high profile names alluding to the rising risk of a recession in the U.S. I guess they win top prize for stating the obvious, after a vicious bear market in bonds has characterized the first half of 2022. The traditional recession indicator, a 2-year, 10-year U.S. Treasury yield curve inversion, is close by, but a deteriorating global economy has been baked in the cake for a long time.
The next shoe to drop looks like being the property market. Last week, data from Sweden suggested that its residential property bubble is bursting and today, U.S. Existing Home Sales showed a continued decline in May. Surging mortgage rates seem to be cooling things down quite quickly. As prices start dropping, expect emotions to run high.
The next shoe to drop looks like being the property market. Last week, data from Sweden suggested that its residential property bubble is bursting and today, U.S. Existing Home Sales showed a continued decline in May. Surging mortgage rates seem to be cooling things down quite quickly. As prices start dropping, expect emotions to run high.