As shown, A ended at ~59.5k with a 5 wave correction down and now we are an ABC correction (shown in green) for a larger B correction up.
Note: A break of 59.5k would invalidate this and we would have to say Wave C down has begun with Wave B ending at 63.7k and have to find new potential targets and Wave counts.
Then after, 5 waves down to complete the C wave which shown by an estimation of a 1 to 1 retrace puts it near 56.5k.
As to the timing I use parabolic curves (I have found to be good at finding reversals) for the B wave ending on the 4H chart:
For the ending C wave:
This also suggests that it may drop to around 56k as there is a strong potential for support here as shown by the green horizontal line drawn in.
I would say most likely a bounce will happen in this area as long as it follows this path.
I believe for the daily though there is potential to be a stronger hidden bull that will occur following this ABC correction
As to what this means overall for bitcoin I will wait and see as to what happens next.
If this is a B wave we’re currently in I will like to see where it ends first. After that it would be more accurate to figure out where Wave C would end and then determine what count we are starting on the larger time frames (Weekly and up).
I will post more ideas to this and more about the idea of still seeing a new ATH in the near future and what the potential target(s) may be.
***Disclaimer: I am not a financial professional/expert and all ideas from me are all speculation based off of my own research. Please do your own research as well as I am not responsible for others when it comes to their financial decisions.***
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