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$BTC 👀 – 07/28/2022 | Wave 1 Technical Breakdown 🎯 - 📸 🚨 I promised a breakdown of Wave i (latest impulse). Well, here it is: 📌 Wave i (in blue), is the first (1) impulse wave out of five (5) total waves for the larger corrective wave B (in black). 📌 Wave (iii) in red, is an #extended wave comprising of 5 smaller waves within it (i, ii, iii, iv, & v in black). As waves 4 and 1 cannot overlap, when this happens it signifies a possible nested wave sequence that results in another set of 5 waves within the previous wave degree, like in this case. 📌 After Wave (iii) in red, #Bitcoin preformed its famous #running #flat correction, in which wave b (in black) exceed the start of wave a (in black) and wave c (in black) failed to exceed the end of wave a (in black). For day traders, that took selling positions after wave b (in black), they were stopped out when the market continued higher to complete the last wave (v) in red. 📌 Another thing to point out: Following an extended impulse wave (1, 3, or 5) within a cycle, usually the correction right after the extension (wave 2, wave 4, or ABC) will complex or a double correction (WXY). [ie: Wave (iv) in red, in this case.] 📌 Currently, bitcoin is showing signs of #divergence (explained in previous post), #ranging, and should potentially soon start to #selloff to commence wave ii (in blue). ✅ If you thought this was helpful or insightful: Follow, Like, or Share ✌🏾 📈 View My Chart: https://www.tradingview.com/x/R4HbjNbl/ ⚠️ This is not investment or financial advice; Anytime you enter the #markets, you fully accept the #implications at your own risk❗️ #longterm #learning #makingmoneymoves #invest #strength #buildandgrow #breakingnews #crypto #cryptowinter #ElliottWave #FedReserve #StrongDollar #FOMC
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