If you zoom out, you can see what I've drawn as 12345 going down in yellow lines: these are the 5 subwaves of an A of an ABC correction wave. Some say that what I've said is an "A" is actually the complete "ABC" and now we are on the way up again to $100k.
But no, clearly not. What I've circled in yellow, which are 7 hours of continuous large red candles in clearly impulsive: what I see is the wave C of the ABC correction wave. The gravity and voracity of the last 7 hours is clearly greater than anything we've seen after what I've marked as the wave A (subwave yellow 12345 waves), which means that the price movement up is a correction (wave B is corrective in an ABC).
Compare this with the orange circle which is similarly a many continuous hours of price in a single impulsive direction. Contrast this with the corrective wave in purple which shows hourly candles moving up and down.
Confirming that we are currently on the Wave C going down to about $17k, is the fact that we've broken the massive heads and shoulders, which also concludes at $17k, and also converges with several long-term trend lines dating back to 2008.
I like to see hourly candles to see whether there are clear signals of an impulse: continuous hours of price in one direction.
But no, clearly not. What I've circled in yellow, which are 7 hours of continuous large red candles in clearly impulsive: what I see is the wave C of the ABC correction wave. The gravity and voracity of the last 7 hours is clearly greater than anything we've seen after what I've marked as the wave A (subwave yellow 12345 waves), which means that the price movement up is a correction (wave B is corrective in an ABC).
Compare this with the orange circle which is similarly a many continuous hours of price in a single impulsive direction. Contrast this with the corrective wave in purple which shows hourly candles moving up and down.
Confirming that we are currently on the Wave C going down to about $17k, is the fact that we've broken the massive heads and shoulders, which also concludes at $17k, and also converges with several long-term trend lines dating back to 2008.
I like to see hourly candles to see whether there are clear signals of an impulse: continuous hours of price in one direction.