BTC - Two potential scenarios for Bitcoin and its reasons

First, we describe descending scenario:
In the daily chart, we can count 5 waves up to the range of $ 41950, which indicates the end of the uptrend in wave III, in order to have the completion of wave IV, we must wait for the price decline up to the range of 16,500 to 21,800 dollars. The reason we considered a long corrective movement in wave IV is that in wave II we had a short retracement.


Take the following image which depicts the ascending scenario:
First, we study the trend lines and the 10-days chart. In the past, and in the case of the crypto currency market, movements in wave 3 or the 5th continuous wave usually were ending in 400% of Fibonacci ratio, which we have not reached this level in Bitcoin yet.
(10 Days Chart )


Now let's see the wave count in the 240 -minute chart:
We can have this wave count that, the uptrend up to the range of $ 42,000 was the end of 3rd wave from point iii, and by hitting the trend line which obtained from the connection of waves 1 and 3, hopefully we can expect the price increase in the 5th wave up to the range of $48,000, which is according to the analysis of 400% of Fibonacci ratio.


( 240 Minute Chart )