Short

Bitcoin next leg down, target $7250ish?

Updated

Looks to me like we are finishing up the Any Three X leg of a WXY.
Thinking we will see a Zig Zag rapidly dropping us to $7250
Falling Three Peaks playing out. Channel holding strong.
Estimating next Third Impulse up begins August 26th

Estimate established early July

https://www.tradingview.com/chart/BTCUSD/LxMVCA2f-Bitcoin-due-for-over-50-correction-or-forming-wave-4-triangle/
https://www.tradingview.com/chart/BTCUSD/Jetu2mXE-Bitcoin-ending-the-month-at-12k/

Bitcoin due for over 50% correction or forming wave 4 triangle?

Note

Potential Triangle forming
books say triangle always occurs prior to the final wave
Bearish Hanging man formed on daily
Fib Circles show a potential reversal
Watching for position

Note

Upthrust before mark down?

Note

Current thoughts
Lots of bullish sentiment, I still remain bearish

Note

Estimate, shorting next lower high

Note

Thinking $11500 (60ema) will be our higher low
but Camarilla pivots show potential at $11700

Note

Last 4 hour candle for the day
Expecting a reversal soon

Note

Rough estimate
Thinking we will bounce short term around $9600

Note

Re-entering my short targets
If we break above $10350 then I will watch for an entry at $10550
Low probability target at $11100

Note

looks like an ending diagonal with RSI divergence

Note

estimate

Note

Just noticed, we may be making a bearish bat
price estimate, date/time not set

Note

Estimate
Thinking we are still working on the A leg of a Zig Zag
Targeting $8950 before the ABC - B leg of ZZ
I cant see this being the E leg of A of a ZZ
daily candles dont look to fit an A leg of ZZ

Note

Thinking my estimate of the Zig Zag could be too compacted
Alternate estimate I am considering to prepare for

Note

Alternate estimate #2

Note

As an updated view of original estimate

Note

Two current estimates
Im still learning characteristics of Zig Zag (alone or in combination)

Higher Target $7600
Lower Target $7250 (last update image)

Note

current estimate

KondrackiKarl

Also on:

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.