BTC has been in upward movement for the past couple of days. The price action seems a bit disappointing indicating that we have one more downward push to go. It will also complete our 5 wave move. I am expecting BTC to bottom around 19k - 20k but it can depend.
For time being, on LTF. I am expecting an upward movement till ~34k in zig-zag correction of wave 4. The reasons behind 34k are as follows:
1. Golden pocket of Impulse wave 3 lies in that region.
2. The bounce should have enough altitude to make it look like real so that traders can be trapped before the last drop happens.
3. There is a Head and Shoulder on 1 hour chart which has the target of around 34k (100% of head)
4. Wave 2 of correction lasted for about 9 days, while only 4 days and 9 hours have been passed yet in wave 4 indicating wave 4 is still under progress.
My LTF chart of BTC looks something like this:
For time being, on LTF. I am expecting an upward movement till ~34k in zig-zag correction of wave 4. The reasons behind 34k are as follows:
1. Golden pocket of Impulse wave 3 lies in that region.
2. The bounce should have enough altitude to make it look like real so that traders can be trapped before the last drop happens.
3. There is a Head and Shoulder on 1 hour chart which has the target of around 34k (100% of head)
4. Wave 2 of correction lasted for about 9 days, while only 4 days and 9 hours have been passed yet in wave 4 indicating wave 4 is still under progress.
My LTF chart of BTC looks something like this:
