BITCOIN - Alternative Count
Updated
Previous idea I suggested that recent collapse can signal sideways action before a fall - here is an alternative:
Although the large bearish candle on the 28th is engulfing, we have also seen higher lows and higher highs.
So this recent reversal could be forming a 1,2 1,2 elliott wave.
And this would mean that 2 larger wave 3's could be coming.
This I think would be congruent with my previous fib count; potentially taking BTC up to to 57-61K area.
Other factors:
This is marginally my preferred account and if it is correct will be good for oversold alts - though the chart needs to reveal more.
And also this is where I think it is important to be flexible as BTC is a very slippery chart.
That said - for me this is a dead cat bounce either way and BTC will see 20K down the road.
Not advice.
Although the large bearish candle on the 28th is engulfing, we have also seen higher lows and higher highs.
So this recent reversal could be forming a 1,2 1,2 elliott wave.
And this would mean that 2 larger wave 3's could be coming.
This I think would be congruent with my previous fib count; potentially taking BTC up to to 57-61K area.
Other factors:
- BTC has found support and pushed off from the lower trendline yellow and also rides back above the descending blue trendline from the highs.
- BTC is back above SOW in D which acts as support again.
- D RSI is forming hidden divergence.
This is marginally my preferred account and if it is correct will be good for oversold alts - though the chart needs to reveal more.
And also this is where I think it is important to be flexible as BTC is a very slippery chart.
That said - for me this is a dead cat bounce either way and BTC will see 20K down the road.
Not advice.
Note
Notice my charts are both long and short currently. I hope markpmarkets would approve.
We're into the post FED interest rate cut blow off phase for risk on markets🥳.
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I have many great deep value opportunities ❕
Many Trade Ideas Every Day 📈
Regular videos ✨.
Telegram Group: $50 per month 👍🏻.
Contact: t.me/dRends35
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