Here a little update on current $BTC price action.
After finishing wave of 3 of 5 in the impulse up, we formed a (temporary) lower high, at the moment labeled as (B) of the lower degree.
Now with current price action in mind, we can project a low time frame channel from the top of wave 3 to what seems to be the end of (B) with the bottom at (A).
Several interesting points can now be taken into account:
1. Current price action correlates to the low time frame channel, possibly implying that wave 2 of (C) has come to an end. We can now assume more downward movement.
2. The projected target might land us at the 1:1 extension of (A): The vicinity of $7490.
3. This would correlate with the bottom of the low time frame channel on the thirteenth of January.
4. This is turn correlates nicely with the 1:1 fib time extension of wave (A).
This low time frame analysis seems to reinforce our high time frame analysis according to which we are currently in wave 4 of 5 of the higher degree, that will lead us to either a double top at $8400 or as high as the high time frame channel resistance at $8600 (see high time frame analysis on the issue).
5. However we might see wave (C) actually moving to the 1.272 extension of (A), landing us at $7300, correlating with the median line of the high time frame channel giving us a last line of defense for our current htf analysis.
Clearly our levels of invalidation for the current hypothesis are either a break of the temporary low time frame bear channel to the upside or downside.
After finishing wave of 3 of 5 in the impulse up, we formed a (temporary) lower high, at the moment labeled as (B) of the lower degree.
Now with current price action in mind, we can project a low time frame channel from the top of wave 3 to what seems to be the end of (B) with the bottom at (A).
Several interesting points can now be taken into account:
1. Current price action correlates to the low time frame channel, possibly implying that wave 2 of (C) has come to an end. We can now assume more downward movement.
2. The projected target might land us at the 1:1 extension of (A): The vicinity of $7490.
3. This would correlate with the bottom of the low time frame channel on the thirteenth of January.
4. This is turn correlates nicely with the 1:1 fib time extension of wave (A).
This low time frame analysis seems to reinforce our high time frame analysis according to which we are currently in wave 4 of 5 of the higher degree, that will lead us to either a double top at $8400 or as high as the high time frame channel resistance at $8600 (see high time frame analysis on the issue).
5. However we might see wave (C) actually moving to the 1.272 extension of (A), landing us at $7300, correlating with the median line of the high time frame channel giving us a last line of defense for our current htf analysis.
Clearly our levels of invalidation for the current hypothesis are either a break of the temporary low time frame bear channel to the upside or downside.
Trading ditutup: stop tercapai