BTC Count April-May 2021
Wave 5 of 3 Completed?!
Today I just realized, it seems that the wave 5 of 3 is already completed...
The only concern is finding Wave 4. From here, I'll be discussing the major support and possible scenarios we can expect.
Scenario 1: Fib 0.236 will be the first line of support, which is exactly aligning to the $50,380 level. At the same time on the Weekly TF, the 13SMA quickly catching up but in the case this will not hold, a quick drop can be expected.
Scenario 2: From the $50K level, a possible leakage to $48,000 down to $45K might catch the quick drop. With a big "But", in the case these levels will not hold the caveat support is down below the 40-43K level. Fibonacci 0.382, aligning with the 21SMA, Weekly TF. From there on, I'll hold my breath and try to seat again on the table to rethink the market's next possible move.
Scenario 3: The scenario 1 will play around for a potential bounce that will continue the sideway actions. This also means alts will continue their parabolic move, leaded by Ethereum.
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looking back on this chart analysis. It seems the scenario 2 is playing well.