Today I decided to share with you my global market understanding. The Bitcoin now is dumping as I said earlier and I told you many times that it have to draw the last wave 5 before the new bull market. Now I wanna show you this wave 5 in global cycle.
If we take a look at the chart we can see that there are no doubts that the bull market started in December 2018. After that there was the wave 1, which most of traders call another one bull market, but it’s just the part of the true bull market. The most impulsive wave 3 ended in April 2021, not in November! This is because the wave 4 is obviously represented as the flat correction. Those who are aware of the Elliott wave’s theory knows that the flat corrections have the structure a-b-c(wave a) – a-b-c(wave b) – 1-2-3-4-5(wave c). Wave 4 is the wave for the profit taking and we can see that even now a lot of traders have 10x+ on some altcoins and even the current prices are appropriate for selling.
Now the Bitcoin is in the wave C. We can clearly see the waves 1, 2 and 3, now the price ended the wave 4. We defined this end according to bearish divergence on the 1D timeframe. Now we are in wave 5(90% probability). We can see very soon at least the test of the low at $17500 – in this case the wave 5 is trimmed, or setting the new low at $14-15k – normal wave 5. The best indication that the bear market is going to end is the bullish double divergence on the 1W timeframe. Let’s wait and be patient. I hope we will catch the exact bottom before the wave 5.
Also I want you to notice that after wave 5 the true A-B-C correction is going to happen. It can lasts 3-4 years before the new super bull market. We can conclude that the we have not even seen the true bear market. The dump of 0.5-1 year is not the bear market, just a correction.