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Bitcoin

22 Jun 2021 ‚óŹ 02:25 PM

In today's BTC analysis I am going to use two charts from different sources. First from Investing.com feed. This chart I have used for a while and now with the previous lows broken it begs the question if we are in a 5 wave decline. If yes then iii of 5 down is going on. Now 5 waves down mean we are in a bear market unless the fall is wave C of an expanded flat. This ABC is the last bullish alternate that exists if at all. In any case, even if this is a bearish 5 wave decline, after 5 waves down we will go up in a 3 wave large retracement of the fall. But the 5th wave might not be over in this scenario.

Now the chart from BItfinex, which is slightly different as it does not have the long lower shadow to 30261 made on 25/05. If the fall from wave 'd' ends in 3 waves down and reverses to the upside before breaking 28991 [wave 4 low of the previous rally], then maybe this last decline today is still wave e of an expanding triangle on this chart. Crazy. But this is all that matters. The fall from the recent high is 3 waves or 5 waves changes everything and we will only know that in hindsight. So let it develop.

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