Primarily speculation forecast with some basis from 1 min closing.
At time of publishing, accumulation playing out on 1 and 5 min timeframes. Pink lines represent 1 min targets based on actual closing prices. Blue lines represent 5 min forecast targets based on pattern and the 1 min targets. Yellow line represents potential ‘spring’ in 5 min timeframe. A spring (dip) doesn’t always happen.
Assumption: 15 min will roughly reach same targets as 5 min.
At time of publishing, accumulation playing out on 1 and 5 min timeframes. Pink lines represent 1 min targets based on actual closing prices. Blue lines represent 5 min forecast targets based on pattern and the 1 min targets. Yellow line represents potential ‘spring’ in 5 min timeframe. A spring (dip) doesn’t always happen.
Assumption: 15 min will roughly reach same targets as 5 min.
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By the time I actually published, I was able to incorporate more data from 5 min time frame. However, looks like on 5 min that price us already broken above peak target. Here’s a 5 min screen shot. White dotted lines are updated estimates of peak then pullback.
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From 1 min
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Big update: looks like I had overlooked the distribution pattern on 5 min. Therefore, I suspect accumulation could play out on 15 min. Or could continue up. There’s typically an EW 5 wave count up after distribution completes.
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Could retrace to 8674 are or more, IF price doesn’t break above the yellow expanding wedge.
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Looks bullish on 1 min
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Setup your longs!
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Wedge possibly still playing out along with distribution - shown as accumulation here bc scale is inverted.
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And for the fib fans, back on regular scale.
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Might have retraced enough. Bounced near key distribution price.
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Psst... Btc finished distribution.
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Pssst
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Published update in new idea.
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Published an update.
