I see a 3 and a 4. And a W X & Y. Can you back the chart up and show where wave one started? I think you are saying that we are in wave 4 right now.
I am showing it as a double correction because bitcoin always does a double, but this chart is showing as a single correction because a double has not formed as of yet...so until it does this is a single correction.
I see you have ? at (IV) and 1. What does price have to do to validate those areas? What do you see happening if price moves avove B? Or below C? I'm kind of getting at that price determines the wave count rather than the wave count determining the price. I take it you are not sure of the price direction yet. But I'm wondering if EW gives a clue as to what might happen if price moves thru either B or C?
Well, ABC or WXY are just labelled based on the sub-waves being 535s or 333s... If this is 4 then we would expect five sub-waves up... If not, then we would expect a seven swing (double) correction. The prices I'm watching are breaking all-time highs and a continuation of the rally or a retrace back down into the double correction. As mentioned I always assume a double correction with Bitcoin.
These are the 2 possible scenarios I am expecting. I am more expecting a double correction to ABC than I am expecting the rally resuming at this time to ((V)).
"Fed Chair Jerome Powell says crypto is becoming more mainstream and legal framework for stablecoins is a good idea." This means the end of Tether and Bitcoin ponzi duo. How long before the implosion? I'd say atleast 50% chance before end of year and 90% before end of next year.
Bitcoin survived (very well) a vix of 55, while the S&P 500 went off a cliff. In fact, US bonds began to blow up while BTC was still doing very well. So enough of the bullshit oracle please. It's getting ridiculous by this point.
It did well for a supposed risk asset but it pales in comparison to Gold's performance during the current crisis. BTC != Gold. Since April 1, 2025 BTC -3% Gold +6%.