the possible trajectory for Bitcoin
After the breakout from horizontal triangle the downtrend continue to complete a descending 5 waves impulse structure.
However, an impulse wave (The one started from 20 Jul 2020) could not be corrected by another impulse. Accordingly the impulse wave one which started from 15 Apr 2021 is the first leg of an Zigzag pattern. Do not forget that we are in a large uptrend path. The major trend is upward, so, after the zigzag pattern completion, there would be another impulse or terminal structure to complete larger fractal behavior. The target of the fifth wave could be around 92K - 100K .
However, an impulse wave (The one started from 20 Jul 2020) could not be corrected by another impulse. Accordingly the impulse wave one which started from 15 Apr 2021 is the first leg of an Zigzag pattern. Do not forget that we are in a large uptrend path. The major trend is upward, so, after the zigzag pattern completion, there would be another impulse or terminal structure to complete larger fractal behavior. The target of the fifth wave could be around 92K - 100K .
Note
The current move is the first leg (A) of a corrective pattern (Zigzag pattern-ABC) which could be extended more than 0.5% of previous impulse's Fibonacci retracement level.Be careful of supply zones in the chart. one of the most important ones is around 30K another one is near 21K.
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