Wave 4 of Bitcoin: Structure of a Flat
Hello dear friends, I hope you are doing well.
It took a long time to identify the structure of this prolonged sideways movement. I watched many videos and referred to my notes, and this has been very helpful.
The current wave structure in which Bitcoin is moving sideways is a flat pattern. This structure typically occurs in Wave 4 of Elliott Waves.
What is a Flat?
A flat is a corrective wave pattern in Elliott Wave theory that consists of three phases labeled as ABC:
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- Wave A consists of 3 waves.
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- Wave B consists of 3 waves.
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- Wave C consists of 5 waves.
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In general, the movement pattern of this structure is 3-3-5.
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After the pattern is complete, a breakout to the upside usually occurs (since Bitcoin was in an uptrend before this).
Sometimes this pattern can combine in a double or triple formation, which we will review below:
Double Flats:
Double flats can be divided into three categories:
1. Flat + Flat
2. Flat + Zigzag
3. Flat + Triangle
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To connect them, an X wave is needed, which also has a 3-wave structure.
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Conclusion:
If the top of this flat is broken, Wave 5 movement will begin. If the top is not broken and the correction continues, it means this upward movement was Wave X, and we should expect a larger flat, zigzag, or triangle pattern.
Once the structure is identified, the chart will be updated.
It took a long time to identify the structure of this prolonged sideways movement. I watched many videos and referred to my notes, and this has been very helpful.
The current wave structure in which Bitcoin is moving sideways is a flat pattern. This structure typically occurs in Wave 4 of Elliott Waves.
What is a Flat?
A flat is a corrective wave pattern in Elliott Wave theory that consists of three phases labeled as ABC:
------------
- Wave A consists of 3 waves.
------------
- Wave B consists of 3 waves.
------------
- Wave C consists of 5 waves.
------------
In general, the movement pattern of this structure is 3-3-5.
------------
After the pattern is complete, a breakout to the upside usually occurs (since Bitcoin was in an uptrend before this).
Sometimes this pattern can combine in a double or triple formation, which we will review below:
Double Flats:
Double flats can be divided into three categories:
1. Flat + Flat
2. Flat + Zigzag
3. Flat + Triangle
--------------
To connect them, an X wave is needed, which also has a 3-wave structure.
--------------
Conclusion:
If the top of this flat is broken, Wave 5 movement will begin. If the top is not broken and the correction continues, it means this upward movement was Wave X, and we should expect a larger flat, zigzag, or triangle pattern.
Once the structure is identified, the chart will be updated.
تم فتح الصفقة
In my opinion, Bitcoin will move towards the $73,000 resistance level with this same pattern. After breaking $73,000, it will reach the range of $86,000.
Be cautious with your positions.
منشورات ذات صلة
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.
منشورات ذات صلة
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.