BTC Cycle Explained !!
Ever since the huge rally post 2020 COVID crash topping BTC at 64854$, BTC has been in the corrective waves ever since. We saw may 2021 Crash in which BTC fell as low as 30,000$ in its sub wave 3 of retracement wave A which went till 1.618 Fib of sub wave 1. The sub-wave 5 of Correction wave A retraced only around 0.382 of wave 3 making the whole Wave A cycle as Elliot impulsive.
The structure demand zone developed in 28k-30k region and the triple tap pattern formed on BTC pushed the prices to the moon in its upward wave B retracement making the overall cycle as Irregular 5-3-5 Cycle in which retracement wave B crosses the top of impulsive wave 5. The wave B top was 69,000$ which was followed by the last downward Correction wave C consisting of 5 downward impulse waves.
In our last wave C, the initiating impulsive wave A was the biggest, since wave 3 impulse retraced less than 100% of wave A. Wave 3 pushed the prices to 100% level of wave A correction. We are now currently in the last downward impulse. So far, we know that wave C consists of Converging Diagonals (meaning each next impulsive wave is less or equal to the previous), We also know that the correction wave C in irregular corrections can be as much as 100% or 123% of Wave A.
On the daily chart, our last weekly impulse wave 5 is currently in its 3rd impulse wave as shown in the chart below.
In this impulsive wave 3, we are already trading below 1.618 fib. Meaning that the 3rd impulsive wave will now most likely be going as low as 261.8% of wave 1 which is near 33.5k. After which we shall still have 1 downward impulse left. Now the probability of wave 5 making as Double bottom at 33.5k is very low (though it is possible) but if we do not make the double bottom at 33.5k, the next level to be looking at will be the 123.6% of wave A correction of our global weekly chart which lies around 25k area.
Long story short, Once we finish this cycle of correction on weekly chart, we will be ready to go into the next impulsive cycle. Thus there is a very good buying opportunity coming in the next days / a couple weeks. Either 25k region or a double bottom on daily chart at 33.5k region (chances of 25k are more) and that will be the time where everyone should be loading their bags in crypto currency.
The structure demand zone developed in 28k-30k region and the triple tap pattern formed on BTC pushed the prices to the moon in its upward wave B retracement making the overall cycle as Irregular 5-3-5 Cycle in which retracement wave B crosses the top of impulsive wave 5. The wave B top was 69,000$ which was followed by the last downward Correction wave C consisting of 5 downward impulse waves.
In our last wave C, the initiating impulsive wave A was the biggest, since wave 3 impulse retraced less than 100% of wave A. Wave 3 pushed the prices to 100% level of wave A correction. We are now currently in the last downward impulse. So far, we know that wave C consists of Converging Diagonals (meaning each next impulsive wave is less or equal to the previous), We also know that the correction wave C in irregular corrections can be as much as 100% or 123% of Wave A.
On the daily chart, our last weekly impulse wave 5 is currently in its 3rd impulse wave as shown in the chart below.
In this impulsive wave 3, we are already trading below 1.618 fib. Meaning that the 3rd impulsive wave will now most likely be going as low as 261.8% of wave 1 which is near 33.5k. After which we shall still have 1 downward impulse left. Now the probability of wave 5 making as Double bottom at 33.5k is very low (though it is possible) but if we do not make the double bottom at 33.5k, the next level to be looking at will be the 123.6% of wave A correction of our global weekly chart which lies around 25k area.
Long story short, Once we finish this cycle of correction on weekly chart, we will be ready to go into the next impulsive cycle. Thus there is a very good buying opportunity coming in the next days / a couple weeks. Either 25k region or a double bottom on daily chart at 33.5k region (chances of 25k are more) and that will be the time where everyone should be loading their bags in crypto currency.
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