#btcusd 1w Ending channel has two side formation targets

2022年1月29日

Ending channel formation has a two side formation targets. If we have already made a HL around 33K we will likely follow the turquaz path. This is my higher probability btw. Yellow path is the worst possible scenario which has a low probability since we already down from the 69K top around %52. Since the red path is the technically on the table considering we made a LL broken 40K and 37200 and common expectation of the market I am not expecting the MM will provide this time. Probably next time if we bounce 48K or golden zone (52K) of 69K-33K correction which we have seen in this last correction. If we rejected from those areas we will have major HL under ATH and if we can not find support on 43K or 40K than we will likely go south and 28K-30k won't hold this time since there will be a lot of stops under 28.800 which will provide cascade effects. 34K region is monthly BB middle support which is also important from that view. Also we have a weekly falling wedge on rsi. Major Elliot count on 4 wave probably hasn't ended yet since the time range has to be at least equal to the time frame of wave 2. Basically we need 4-5 months in order to complete wave 4.