BTCUSD
The rally has created super excitement with Bitcoin eying 10,000. It can be easily classified as Mother of all rallies however it also looks over-stretched. Based on the above wave count, it should be the final phase of Wave 5 circle in the Bigger Wave 3. If this wave count is correct then we should see wave 4 correction sometime soon.
How deep wave 4 can go? Just looking into the steep channel, the bottom of the channel is around 5000 level. That should be the first major target of a bear market. The other key levels for retracement are 2800 and 1800 which were the levels of last three minor corrections. Bitcoin below 2000 is still a possibility but this needed to be assessed based on the wave structure formation during the correction.
When? It's a tough call as seasonality is not in favor of above analysis. December and January are generally bullish months for the financial markets which I think would also be the case for Cryptos. The seasonality might push prices a bit higher but it can't stop inevitable forever.
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