I believe the top is not in yet. That has to do with triggered levels. Refer to chart.
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An example from gold:
Сделка закрыта: достигнута тейк-профит цена
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Now it can make a double bottom at 3 usd (since that is its value). Lol
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Why didnt it reach W4 target? Well, there are always more complications in calculating corrective targets than motive targets. This time it had unfolding corrective as a flat instead of zigzag. Also, the pattern is not 100 % clear atm, but I'd say we have had 5 up here so I am willing to stick my neck out and call this an intermediate top in bitcoin until proven otherwise.
IF there are ANY full closing candles 4hr or greater that manages to close above 7483, then it indicates higher levels. Then new recalculations must be done.
IF there are ANY full closing candles 4hr or greater that manages to close above 7483, then it indicates higher levels. Then new recalculations must be done.
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Likelihood that top is in has increased.
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7483... Very interesting level. It is a level like 4321. Very strong. We are likely to have some very rough corrections soon. 4321 was taken out like 7483 has been now, but shortly after, price corrected severly before rebouncing. So some days with steep drops are to be expected.
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Price came back to 7483. And broke up exact from that level with very high volume
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And there were some warnings as I wrote in this idea Nov 3rd; "IF there are ANY full closing candles 4hr or greater that manages to close above 7483, then it indicates higher levels. Then new recalculations must be done."
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This gives the following two interesting levels:
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7600 should now be support and 8317 next resistance