Current bullish scenario from the scope of EWs (25/9/21)
At the moment, it seems like we have completed the deep wave 4 from the 64K top, with the promising micro-HL formed in mid July leading to the rally in the past 1.5 months.
If this is indeed the bottoming out of wave (c) from the 54K topping of wave 1, then we should see some accumulation here with extended wave 1's & 2's allowing whales and funds to buy in heavily before the next move upside (a similar repetition to the previous wave 1 & 2 after the corona crash.
Contrary to the short bias, which would require price to be above 1.236 above ATH in order to be fully invalidated in EW theory, the bullish bias does not have too far of an invalidation as this count would invalidate fully near the bottoming of price at 29K. I would be weary of following through with this count though if it crushes through wave 1 (green) of the beginning of the primary wave 1 (white). This will strengthen chances of seeing a 20-25K BTC by chrismas, and allowing the bull market to continue deep into 2022 as compared to mid 2022.
Ill be updating this bias with time.
At the moment, it seems like we have completed the deep wave 4 from the 64K top, with the promising micro-HL formed in mid July leading to the rally in the past 1.5 months.
If this is indeed the bottoming out of wave (c) from the 54K topping of wave 1, then we should see some accumulation here with extended wave 1's & 2's allowing whales and funds to buy in heavily before the next move upside (a similar repetition to the previous wave 1 & 2 after the corona crash.
Contrary to the short bias, which would require price to be above 1.236 above ATH in order to be fully invalidated in EW theory, the bullish bias does not have too far of an invalidation as this count would invalidate fully near the bottoming of price at 29K. I would be weary of following through with this count though if it crushes through wave 1 (green) of the beginning of the primary wave 1 (white). This will strengthen chances of seeing a 20-25K BTC by chrismas, and allowing the bull market to continue deep into 2022 as compared to mid 2022.
Ill be updating this bias with time.