XForceGlobal
XForceGlobal 2 minutes reading from Bitcoin

$BTC Shorter Timeframe Analysis

BTC Shorter Timeframe Analysis

It would ideal to just chop in this range with inconsistent sharp waves, taking into account for the FOMC uncertainty. The longer we range here for w4, it has a chance to do one more last leg up and create a good bearish divergence on the 4H TF.

The point of this range is that if it remains corrective, even if it were to go down first on the micro timeframes to the range low, it still would create some kind of flat as long as it gets secured. I will continue to update. No one knows the outcome at the moment.

Also one drawback to the whole structure is that no count looks "good". All we know is that the prior move up was clearly impulsive, so we have to work with what we have until clarity!

@camugere2 I've seen way too many complex corrections that took more than 100% of the time limits of the previous swing, and most simply "ABC" corrections end some where between 38.2% to 61.8% of the time limit, and that a correction on a price level can take as much as 78.6% retracement.

@camugere2 Bitcoin is so highly characteristic of having 88.6% retracements because it's also the square root of 78.6 which is a square root of the golden ratio 61.8% which is a square root of 38.2%.. Which is why neely is questionable.

@camugere2 And the point of me pointing out your count is not to bash on you. It's to simple point out that your wave X is not even retraced at least less than 70% of wave W - which is ALSO a guideline.

This post is based on this twitter thread.

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