Bitcoin multiple wave scenarios (3) - bearish- click post to read details and see more pics

At first glance the initial picture is difficult to read, below I will break each scenario down one by one. All pictures are on 4 Hour candlestick timeframe.

First scenario: This scenario is bearish and assumes we will receive an impulse wave down. An impulse wave is a 5 wave sequence. So you can see the 5 wave sequence is resembled by the purple line. Currently it assumes wave 3 is ending soon and will bounce to 6900-7500 levels to complete an ABC wave sequence upward (green line with ABC structure) ; which will be wave 4 of the purple wave sequence. After wave 4 will receive a 5th wave down; the 5th wave down could likely be in a smaller set of 5 waves resembled in white.

Second scenario: This scenario assumes our next wave up will flat out at the most recent highs in the 7700’s and then flat out again coming down wherever our current bottom lands.

Third scenario: Here we assume more sideways movement followed by long wave down to resistance levels around 5800-6000 and potentially lower.

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