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📝Sorry Moonies we are going down... Alt Coin Season coming!
$BTC
Sorry moonies, Bitcoin is likely entering a Wave 4 correction within the larger Wave 5 structure, as per Elliott Wave theory. I raised this back in December 15th, and while this may bring short-term downside, it opens opportunities for Altcoin Season, as capital shifts from Bitcoin to alternative cryptocurrencies during this correction.
Elliott Wave Context:
Elliott Wave Context:
Current Position: Bitcoin is completing Wave 5 but must correct into Wave 4 before continuing to finalize the broader Wave 5 structure.
Wave 4 Correction Zone:
Elliott Wave theory suggests 70% of Wave 4 corrections retrace to Fibonacci levels between 38.2% and 61.8%.As per my charts you can see the zones to be targetted.
Altcoin Season Opportunity
Bitcoin Dominance Decline:
The good news is that as Bitcoin retraces, dominance is likely to decrease, allowing capital to flow into Altcoins marking the much anticipated alt coin season.
Supportive Indicators for Wave 4 Correction:
Bearish Divergence:Visible on both weekly and daily charts. A divergence between price action (higher highs) and RSI (lower highs) indicates weakening momentum.Stochastic RSI: Overbought on both weekly and daily timeframes. Bearish crossovers on both timeframes reinforce the likelihood of a downturn.RSI Levels: RSI on the weekly is high; a healthy correction would allow it to reset before the final leg up.
Entry Strategy:
Re-entry Signal: When stochastic RSI turns bullish on the weekly I will look for entry points on the daily charts.Confirmation: Ensure price action aligns with Fibonacci retracement levels and momentum indicators. #BTCNewATH #MarketNewHype #BTC☀ $BTC $ETH
Sorry moonies, Bitcoin is likely entering a Wave 4 correction within the larger Wave 5 structure, as per Elliott Wave theory. I raised this back in December 15th, and while this may bring short-term downside, it opens opportunities for Altcoin Season, as capital shifts from Bitcoin to alternative cryptocurrencies during this correction.
Elliott Wave Context:
Elliott Wave Context:
Current Position: Bitcoin is completing Wave 5 but must correct into Wave 4 before continuing to finalize the broader Wave 5 structure.
Wave 4 Correction Zone:
Elliott Wave theory suggests 70% of Wave 4 corrections retrace to Fibonacci levels between 38.2% and 61.8%.As per my charts you can see the zones to be targetted.
Altcoin Season Opportunity
Bitcoin Dominance Decline:
The good news is that as Bitcoin retraces, dominance is likely to decrease, allowing capital to flow into Altcoins marking the much anticipated alt coin season.
Supportive Indicators for Wave 4 Correction:
Bearish Divergence:Visible on both weekly and daily charts. A divergence between price action (higher highs) and RSI (lower highs) indicates weakening momentum.Stochastic RSI: Overbought on both weekly and daily timeframes. Bearish crossovers on both timeframes reinforce the likelihood of a downturn.RSI Levels: RSI on the weekly is high; a healthy correction would allow it to reset before the final leg up.
Entry Strategy:
Re-entry Signal: When stochastic RSI turns bullish on the weekly I will look for entry points on the daily charts.Confirmation: Ensure price action aligns with Fibonacci retracement levels and momentum indicators. #BTCNewATH #MarketNewHype #BTC☀ $BTC $ETH
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