Bitcoin Price: Sideways This Weekend Then Bullish or Bearish Movement?
Nikola Lazic's original article for blockonomi.com reduced by 46%
On the 5- min chart you can see that the Mondays decrease has 5 waves and was moving impulsively to the downside which is why I believe it is the start of the higher degree impulse after the Intermediate WXY correction ended on the Minor 5 wave at $4258. By looking at the wave structure of the current move I am not seeing anything impulsive which is why I don't believe that the correction inside the range ended which is why I think we are going to see more sideways movement over the weekend as this current move would end as another ABC to the downside. Now comes the problem of connecting the counted sub-waves into a wave of a higher degree which if counted differently changes the expected direction of a breakout.
My primary count is bearish as I believe that the price of Bitcoin is undergoing a triple three correction which is the second wave of a higher degree impulse. My alternative count is semi-bullish as it would only be the further continuation of the Intermediate WXY correction seen on the daily chart so after it ends I would be still expecting further downside for the price of Bitcoin as I don't think that we have reached the bottom. On the 5-min chart, you can see that in this count I have accounted for the first 5-wave decrease we've seen on Monday as the W wave from the first three-wave correction unlike in my primary count.
My primary count is bearish as I have excluded the first wave which is Monday's decrease.
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CN [too long; didn’t read]
Summarised crypto news.