LATEST UPDATE - Bitcoin in it's darkest hour
Hello all, so just some polishing up of the graph. I've slightly adjusted the 6m trend line and that fits better with the bounce off the 6400(ish) level. It's possible we have started wave 4 (see the path to point 4b, dark purple line). Could stop at 7200, but 7800 also is possible, if we allow Elliot wave principle to be broken. Who knows with potential market manipulation, I mean a good rally now would liquidate a bunch of short margin orders ... and that would make someone money (wall street, whale, etc).
On the other hand, this could very well be a bull trap, and we are still in wave 3. This does fit in better with Elliot wave theory, and that could possibly take us to 6k (or slightly less) for a double bottom bounce, before we start wave 4 (see pink lines to points 3a and 4a). This brings into picture a potential bottom at 4k, but there is support before we get there, so a bounce off any of those lines is possible.
So which way will it go? I'd look for at least a retracement to 6.5k before we can call off wave 4b ... and even then it's tricky. How about validation on the way up? Well, we can bounce off 7.2k down, and we aren't that far off. A break above 7.2k is likely validation for the path to 4b.
In between ... range bound, which equals risky trade.
As usual, only a fool relies on one possible outcome.
Do not use this information for investment decisions. This is for educational purposes only.
On the other hand, this could very well be a bull trap, and we are still in wave 3. This does fit in better with Elliot wave theory, and that could possibly take us to 6k (or slightly less) for a double bottom bounce, before we start wave 4 (see pink lines to points 3a and 4a). This brings into picture a potential bottom at 4k, but there is support before we get there, so a bounce off any of those lines is possible.
So which way will it go? I'd look for at least a retracement to 6.5k before we can call off wave 4b ... and even then it's tricky. How about validation on the way up? Well, we can bounce off 7.2k down, and we aren't that far off. A break above 7.2k is likely validation for the path to 4b.
In between ... range bound, which equals risky trade.
As usual, only a fool relies on one possible outcome.
Do not use this information for investment decisions. This is for educational purposes only.
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