$BTC 👀 – 07/30/2022 | Bitcoin Price Action Update 🎯 - 📸 🚨
📌 Like I mentioned, it’s difficult to project the completion of Wave i (in blue), as you don’t have a concrete #base and #peak to go off like with wave iii (3) and wave v (5).
📌 With Wave (1) i, all you can do is keep revising the wave count if price action invalidates the anticipated correction phase by 1) continuing to take out the most recent high or 2) after closing below 0.236 (or 23.6%) Fibonacci level price doesn’t continue to the next retracement level, 0.382 (or 38.2%).
📌 If #price holds on the levels 0.236 (or 23.6%) or 0.382 (or 38.2%), then this indicates that the #trend is #strong , and most likely still in #motion.
📌 As you can see wave (iii) in red, had various wave extensions (in yellow and in purple), therefore you can reasonably expect that the correction phase for wave (iv) in red would be complex or prolonged. Which was definitely the case, WXY Double Combo Wave (in black), resulting in wave “W” being an #irregular / #expanded #Flat and Wave “Y” being a #contracting #triangle (ABCDE).
📌 With this latest #priceaction , is it reasonable to assume that for the last leg [5 waves for wave (v) in red], we should see another brief #rally ‘into or >’ $25,000 before the potentially correction phase should begin.
📌 During the start of the correction phase, we would like to see the following:
📝 Signs of Divergence: Price going up, RSI strength going down
📝 Distribution: When institutions or other big players slowly begin to liquidate (sell) small amounts of shares at a time (over an undefined period of time) of a larger block of shares previously purchased or held onto, as to not disrupt or significantly drive the market price down with a single large ($1M+) sell order.
📝 Change of Structure: Go back to your basic technical, lower lows and lower highs, and breaks of structure.
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📈 View My Chart: https://www.tradingview.com/x/wiWE5XMY/
⚠️ This is not investment or financial advice; Anytime you enter the #markets, you fully accept the #implications at your own risk❗️
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