So we made a 5 wave impulsive structure from the bottom. First wave was pretty fast and had a loong correction. Third wave was very impulsive and hitted 1.618 extension of the 1st wave and had a very bullish correction named running flat. And what makes me thinking that we are making the 5th wave is that this last impulsion is that these 5th wave have the same lenght of the first wave, and it's what is expected when you have a 3rd extended.
More over we are making divergence on every timeframe and sell volume is high.
We may still go a little higher so shorting now is dangerous, but taking profit is very wise.
I believe the correction is going to be long and may be deep.
I expect two scenario on alts.
1. Alts dump during the BTC dump, and then bounce hard during the little BTC bounce.
2. Alt dump during BTC dump, and then bounce when BTC get less volatile and range a little bit.
Lets see how it gets, i'll update my idea in time. We have to see what the market will do first, and when it will dump.
Good luck !
More over we are making divergence on every timeframe and sell volume is high.
We may still go a little higher so shorting now is dangerous, but taking profit is very wise.
I believe the correction is going to be long and may be deep.
I expect two scenario on alts.
1. Alts dump during the BTC dump, and then bounce hard during the little BTC bounce.
2. Alt dump during BTC dump, and then bounce when BTC get less volatile and range a little bit.
Lets see how it gets, i'll update my idea in time. We have to see what the market will do first, and when it will dump.
Good luck !