Chart update I want to see these supports hold, Otherwise R…

It's a lot easier to count waves with heiken ashi candles

I much prefer traditional candles :)

We are in a perfect zone to form a triangle

If there were 5 waves in your 3rd wave it would certainly possible. This is why I have the truncated 5th wave on that 3rd. We are in the 0.236 area now of 3, certainly we can go lower, but we need to break this support first.

Another scenario. I don't mean to criticize your analysis, just sharing mine. It's interesting to see different perspectives, at least to me it is :) That is not RSI, it is the klinger oscillator.
https://www.tradingview.com/x/iqD6kbyw/

You can also see the sub-waves ABC inside wave A and possible sub-wave A of Wave C forming

https://www.tradingview.com/x/Aw8CXxZr/

I see 5 sub-waves in this 3rd wave. The lower you go in the timeframes the harder it is to see. https://www.tradingview.com/x/O1MlSRTG/

Your scenario is another possibility, we might not go below 163 again and wave 5 might end like that. We need to wait and see

Wave 2 was fast and about 90% so I expect wave 4 to be slow and to drop to between 0.38 and 0.618. A lot of candles have already closed below the 0.236 so I expect at least the 0.382 to be reached.

So, the alternate scenario which is a WXY sideways pattern, assuming, 3 impulse has 5 waves (I tend to disagree, but lets roll with it) https://www.tradingview.com/x/dYcC4Qe0/ Its also stunningly similar to my primary count.

Since we hit the 0.7 retrace on this run it can either be a truncated 5th or X wave of a sideways pattern, the next wave has hit the 0.618 (Y wave) within support and resistance and can form a triangle here, also leading to a similar scenario playing out.

0.50 is still valid as bullish due to volatility.

BSV is illiquid so I always expect one extra fib of movement due to volatility, so that might be between 0.50 and 0.618 or even 0.786

0.382 for this 4th wave Is certainly a possibility, however lower than that? I doubt it will remain bullish. Also, 2nd wave was a zigzag so we should assume that 4th should form either a flat or a triangle.

I agree that your scenario is very much possible, we have a lot of supporting EMAs and SMA between 166 and 159 causing the price to go sideways and slightly downwards before breaking to the upside.

If we assume that 3rd wave was complete from the high, then 4th wave has already almost taken 260% of 2nd wave. Also, Wave 4 is rarely a Zigzag based correction. It is in this case, most likely to be a sideways combination or a triangle.

yes, I'm not assuming a 0.618 correction, just a possibility. The most likely retracement is the 0.382 or 0.50 due to volatility.

I also take into account BTC/USD patterns, BSVBTC patterns and divergence on the klinger oscillator on multiple timeframes.

We are working with probabilities here, so it is unlikely to assume we will complete a zigzag based correction here, given that 2nd was already a zigzag, and a deep retrace, the structure doesn't allow for a diagonal, so 0.618 will all but invalidate

A 4th wave, in any case, is *most likely* to retrace to 0.236 or 0.382
0.5 is less likely, but yes, possible.

yeah, I agree with you :)