Here I will show you my general view on BTC using Elliott Waves, I'll try to make it as simple as possible.
So, starting from the low of 28.8k, we completed a 5 wave move (in yellow on my chart) into an intermediate 1 (in blue). After that we did an ABC (yellow) into the intermediate wave 2 and we are now in the intermediate wave 3.
The intermediate wave 3 started with a small 1-2 and we are now trying to find a larger 1-2 (shown in purple) and then we're off (in my opinion of course).
I tried to keep it as simple as possible as putting in more counts will just make the chart too messy and hard to read.
This being said, we need to see a pullback soon if this count is valid. The only question is when this pullback is coming. Is it now after rejecting 56k (and the .618 of the pitchfork shown in my previous ideas), or are we going to push to 58k before seeing the pullback.
All in all, I would like to see a drop to around 45-50k before we reverse into our minor 3 of our intermediate 3 wave.
This is all still valid as long as we hold above 39k.
39k is an extremely important level at this point, and should we lose it, it would be a big bearish sign for BTC and low 30s will probably be seen.
I personally don't believe we will lose 39k, let alone 40k.
Any questions?
Good luck traders
Remember not to break your rules
Habib
So, starting from the low of 28.8k, we completed a 5 wave move (in yellow on my chart) into an intermediate 1 (in blue). After that we did an ABC (yellow) into the intermediate wave 2 and we are now in the intermediate wave 3.
The intermediate wave 3 started with a small 1-2 and we are now trying to find a larger 1-2 (shown in purple) and then we're off (in my opinion of course).
I tried to keep it as simple as possible as putting in more counts will just make the chart too messy and hard to read.
This being said, we need to see a pullback soon if this count is valid. The only question is when this pullback is coming. Is it now after rejecting 56k (and the .618 of the pitchfork shown in my previous ideas), or are we going to push to 58k before seeing the pullback.
All in all, I would like to see a drop to around 45-50k before we reverse into our minor 3 of our intermediate 3 wave.
This is all still valid as long as we hold above 39k.
39k is an extremely important level at this point, and should we lose it, it would be a big bearish sign for BTC and low 30s will probably be seen.
I personally don't believe we will lose 39k, let alone 40k.
Any questions?
Good luck traders
Remember not to break your rules
Habib
