BTC Elliot Wave Count
Why I am Shorting Here
The Current Wave Structure is clearly Corrective which leads me to believe that we are in a Flat correction of wave 4 and have not yet started wave 5 up. I am expecting a retracement to around 6312 which could wick down as low as 6270 at this point before any continued upward price movement for wave 5 around 66xx. This would complete the A wave up then retrace again for the B. Volume for this current wave up has been dismal and decreasing while price has been increasing which is clearly a bearish sign. We are also seeing a bearish cross of the MA's on the Hour TF which should overflow into the higher TF's. OBV has made a HH while price is at a LH at the moment on the 4 HR TF. Short strategy at this point would be to go in at 6540 to 6545 if we get there with a tight stop at 6567.
The Current Wave Structure is clearly Corrective which leads me to believe that we are in a Flat correction of wave 4 and have not yet started wave 5 up. I am expecting a retracement to around 6312 which could wick down as low as 6270 at this point before any continued upward price movement for wave 5 around 66xx. This would complete the A wave up then retrace again for the B. Volume for this current wave up has been dismal and decreasing while price has been increasing which is clearly a bearish sign. We are also seeing a bearish cross of the MA's on the Hour TF which should overflow into the higher TF's. OBV has made a HH while price is at a LH at the moment on the 4 HR TF. Short strategy at this point would be to go in at 6540 to 6545 if we get there with a tight stop at 6567.
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.