BTC Still Corrective Pattern, Possibly ABCDE
Though my first idea that BTC was in an ABC pattern was invalidated by a higher high,
BTC remains in a corrective pattern and nothing that I see has changed my mind.
We can then hypothesize that it is an ABCDE pattern, which as you can see for your selves
it is ascending price action. It moves up at A only to turn sharply down to B, higher high at C
only for the bulls to lose control in a descending price action to D, etc etc. E's long massive wick supports a corrective pattern. This is NOT a bullish chart, this is a clear example of what corrective price action looks like. Could I be wrong, of course. What would I need to see in order for me to change my mind? I need to see strong NON-ASCENDING, price action, with tiny pullbacks , the smaller the better, say a pullback of 4-6 hours long, followed by big green strong wickless candles. Until I see that then this remains corrective and we should see a STRONG move back down in a NON-DESCENDING price action. Good luck!
BTC remains in a corrective pattern and nothing that I see has changed my mind.
We can then hypothesize that it is an ABCDE pattern, which as you can see for your selves
it is ascending price action. It moves up at A only to turn sharply down to B, higher high at C
only for the bulls to lose control in a descending price action to D, etc etc. E's long massive wick supports a corrective pattern. This is NOT a bullish chart, this is a clear example of what corrective price action looks like. Could I be wrong, of course. What would I need to see in order for me to change my mind? I need to see strong NON-ASCENDING, price action, with tiny pullbacks , the smaller the better, say a pullback of 4-6 hours long, followed by big green strong wickless candles. Until I see that then this remains corrective and we should see a STRONG move back down in a NON-DESCENDING price action. Good luck!
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