BTC Retracing... But More Bearish Action to Come??
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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.