Bitcoin May drop temporarily, but good things could be coming

Yesterday I pointed out 2 possible paths for bitcoin. As of now, it seems to be taking the more bullish of the 2.
If you missed my prior update, you can view it here: https://steemit.com/bitcoin/@workin2005/bitcoin-is-trying-to-decide-which-path-to-follow

Looking at the 1 hour chart, we can see a rising wedge. This could indicate a temporary drop is coming.

If this rising wedge is valid, it would mean wave 1 is completing and wave 2 is about to begin. So where will wave 2 land?

Wave 2 is a little more difficult to predict than wave 4. Given the uncertainty of the market, I’m making the landing zone for wave 2 wider than normal. Looking at fibonacci retracement, it would make sense for wave 2 to drop somewhere between the 0.382 fib level ($9,230) and the 0.618 fib level ($9,135).

There’s 1 final scenario that is bearish. It would have the WXYXZ pattern I’ve discussed in my prior updates not yet complete. If this is true, the B wave is nearing completion, with the C wave still needing to complete. A logical landing zone for wave C would be between $9,050 and $8,900. Once the C wave completes, that would end the WXYXZ pattern and we would expect an impulse wave up.

BIAS:

Short-term: Neutral
Longterm: Very Bullish

I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Thanks for stopping by. I wish you great success!

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Disclaimer: I am NOT a financial advisor and this is NOT financial advice. Please always do your own research and invest responsibly.

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