Today, I observed that Bitcoin may be unfolding within a complex double corrective wave structure—specifically a WXY pattern—potentially culminating in a contracting triangle.
Such corrective formations represent a temporal pullback, wherein the market undergoes a period of consolidation following an impulsive advance, also referred to as a pullback in time. This phase often serves as a mechanism for establishing structural support within a defined range prior to a continuation move.
A key point of uncertainty lies in whether the integrity of the triangle has been compromised by the recent, pronounced liquidity sweep. From the perspective of both the daily and 4-hour charts, this move resembles a classic deviation or "fake-out" rather than a legitimate breakout.
Nonetheless, the market may remain in a state of indecision for a few more sessions, characterized by erratic or range-bound price action, before committing to a more definitive trend.
A sustained break and successful retest above the 120K level would serve as a strong technical confirmation that Bitcoin intends to pursue higher valuations.
Such corrective formations represent a temporal pullback, wherein the market undergoes a period of consolidation following an impulsive advance, also referred to as a pullback in time. This phase often serves as a mechanism for establishing structural support within a defined range prior to a continuation move.
A key point of uncertainty lies in whether the integrity of the triangle has been compromised by the recent, pronounced liquidity sweep. From the perspective of both the daily and 4-hour charts, this move resembles a classic deviation or "fake-out" rather than a legitimate breakout.
Nonetheless, the market may remain in a state of indecision for a few more sessions, characterized by erratic or range-bound price action, before committing to a more definitive trend.
A sustained break and successful retest above the 120K level would serve as a strong technical confirmation that Bitcoin intends to pursue higher valuations.
Note
We have the alternate scenario here which is a double combo where the Y wave takes the W. Note
Would be nice to see a bounce here, also 3 drives pattern. If not, then look to the 1-1 extension around 111k
Trade active
Taking a long trade here Note
Looks like btc wishes to hit the 1-1 around $111k.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.