#CrypThe Unusual of #Bitcoin
11/15/2023 - SEC delays the registration of the $1.5 trillion Franklin Templeton Bitcoin ETF 📷 for immediate trading.
Coincides with BTC's drop from $38k to $35.4k.
But what happens next?
BTC undergoes a sideways correction, forming a distinctive wave pattern:
Flat - Zigzag - Flat
This is a common wave structure!
We're still missing one more FLAT wave!
So, what negative news will come out to complete this wave down to the $34k price level?
This type of wave often occurs in periods with conflicting news.
For example, if BTC drops to $34.5k, then surges strongly to $38k, followed by a sharp decline to $35k after the ETF rejection.
This wave pattern is typical in waves 4 and 5.
Regardless, if you've taken profits, be confident because at least you didn't exit too early!
Personally, I've decided to gradually exit low-cap positions in this wave.
The main strategy remains day or swing trading for quick profits!
Anyway, dark days are approaching in November:
Christmas - Westerners taking profits
Lunar New Year - Asians taking profits!
