Bitcoin - Journal Ideas - Multiple Bearish Scenarios
Doing an EW count and assuming this recent top to be the end of Wave 4. Any break above would make the rest of this invalid.
Forecasting potential bottoms using the following as targets subtracting it from the top of Wave 4:
The length of Wave 1
The length of start of Wave 1 to end of Wave 3
62% of the price length of start of Wave 1 to end of Wave 3
Trend lines are parallels that connect the following:
The tip end of Wave 2 to tip end of Wave 4
The tip end of Wave 1
One that runs from end of Wave 3
The first target would be a truncated Wave 5 ending $5442.9 on April 21. I can see it because Wave 3 was so deep ... but if this breaks ...
Target $952 on May 5th. This would make Wave 5 equal the length of start of Wave 1 to end of Wave 3.
If $5442.9 holds, then a slow bleed down to $3429 on May 25.
Then $2842 on June 5 ... this would equal the same % move of the length of start of Wave 1 to end of Wave 3.
Forecasting potential bottoms using the following as targets subtracting it from the top of Wave 4:
The length of Wave 1
The length of start of Wave 1 to end of Wave 3
62% of the price length of start of Wave 1 to end of Wave 3
Trend lines are parallels that connect the following:
The tip end of Wave 2 to tip end of Wave 4
The tip end of Wave 1
One that runs from end of Wave 3
The first target would be a truncated Wave 5 ending $5442.9 on April 21. I can see it because Wave 3 was so deep ... but if this breaks ...
Target $952 on May 5th. This would make Wave 5 equal the length of start of Wave 1 to end of Wave 3.
If $5442.9 holds, then a slow bleed down to $3429 on May 25.
Then $2842 on June 5 ... this would equal the same % move of the length of start of Wave 1 to end of Wave 3.
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