According to your EW, Bitcoin is currently experiencing a flats correction. I was wondering why wave C is so extended; aren't flats supposed to generally trend sideways? It seems to me that the length of wave C is a bit extreme.
RE: BITCOIN: CONFIRMATION of the NEXT MOVE is about to HAPPEN
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BITCOIN: CONFIRMATION of the NEXT MOVE is about to HAPPEN
How would you label it?
I do not think Bitcoin is experiencing a flat correction at all.
In a flat Correction wave B does not surpass the previous top (of the wave 5).
In my opinion we're in a irregular correction with an extended wave C.
Irregular corrections tend to lead to a major bullish move, which would make sense since going to 11.5-12k is a huge %move at current levels.
Also we could have just finished major wave 4 and getting ready for wave 5 of the major bear trend. That would be super scary because Bitcoin will be headed to 5k.
I don't think that levels are sustainable at all because most miners would stop mining and everyone would struggle.
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