Every bounce this year is met with outcries about how this is THE dip we should buy before BTC enters it's next huge bull run with all time highs. Somehow I don't feel we've reached the bottom. Though this bounce has so far provided an increase of approximately 1k, yet again it's a softer bounce than the last. It certianly means we're getting closer to the bottom, though I suspect the bottom is yet to come.
My Elliot Wave count suggests the current retrace is a B wave, with C and in fact the Y of the current 7 wave correction to follow. I'd be interested in seeing any alternative wave counts you may have. My target for wave C lies within the regin of 4500 to 5200.
I've indicated an inverse head and shoulders pattern that is currently playing out. This suggests a current target of 7829, which is a level I'll be observing closely. If this level breaks it suggests a potential run to the 9k regions. If it reverses, I'd expect wave C to begin, giving us 5 waves down to that wave C target region.
Needless to say I'm bearish until proven otherwise, but I'd like to know how you see it. Happy trading.
My Elliot Wave count suggests the current retrace is a B wave, with C and in fact the Y of the current 7 wave correction to follow. I'd be interested in seeing any alternative wave counts you may have. My target for wave C lies within the regin of 4500 to 5200.
I've indicated an inverse head and shoulders pattern that is currently playing out. This suggests a current target of 7829, which is a level I'll be observing closely. If this level breaks it suggests a potential run to the 9k regions. If it reverses, I'd expect wave C to begin, giving us 5 waves down to that wave C target region.
Needless to say I'm bearish until proven otherwise, but I'd like to know how you see it. Happy trading.