I will immediately outline the possible variations for Bitcoin that I have discussed in my reviews.
In the case that our growth has ended with a terminal diagonal with the peak of wave 5 at the mark of 126,000, the current movement can fit into 2 models.
Option 1 - a 5-wave structure down, which can be marked as wave A of the cycle, then there would be B and C with movement to 50k and below.
Option 2 - a completed WXY structure, which ends with wave Y in the structure 98 - 69,000.
In both variations, growth from the current point is possible through an entry impulse.
Variation through the plane with a peak at 110,000 from January 2025, and the formation of ABC with the end of wave C in a terminal diagonal, in this case, we have completed 3 waves down, there will be 4 and 5.
In all variations, a rebound, correction, price reversal upwards can be expected, and one must carefully monitor the candle structure on the 4-hour and daily charts.
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What does this mean for the trader? The appearance of the "Top" indicates that the forces of buyers and sellers are currently equal: the price has fluctuated significantly in both directions, but by the end of the period, it has returned to its original point. At the peak of a trend: May herald a downward reversal, as buyers have exhausted themselves. At the end of a decline: May indicate an impending rise, as sellers have run out of strength. In a sideways market (flat): Usually confirms the continuation of the lull.
So, the price held at 2000, the 5th wave started to develop. It may have truncation. I would like to see 2220 in the morning. Thus, we will complete the growth in A or potentially the 1st wave of a new cycle.
After the entire growth is completed, it will be possible to accurately measure the magnitude of the correction.
Well, when B is formed, there will be an opportunity to take a long position with an interesting RR.