We have 3 Scenarios on Bitcoin
All bullish, we see this recent bullish run as a Wave 3.
But it is too early to tell which scenario will play out
So wave 4 could have 3 different scenarios
1. Shallow wave 4 (Blue line), and could find support at the 23.6% Fibonacci retracement level
2. Support at the 38.2% Fibonacci level (most common level for a wave 4)
3. Support at the 50% fibonacci level, which a triangle is most likely scenario and could see a larger consolidation pattern before new highs
But important here is the invalidation level, on wave 1, $20 000. This count will only be valid whilst price are above 20 000
All bullish, we see this recent bullish run as a Wave 3.
But it is too early to tell which scenario will play out
So wave 4 could have 3 different scenarios
1. Shallow wave 4 (Blue line), and could find support at the 23.6% Fibonacci retracement level
2. Support at the 38.2% Fibonacci level (most common level for a wave 4)
3. Support at the 50% fibonacci level, which a triangle is most likely scenario and could see a larger consolidation pattern before new highs
But important here is the invalidation level, on wave 1, $20 000. This count will only be valid whilst price are above 20 000
