Yesterday I said if we lost the daily at 56k we would see a bigger drop.
We couldn't hold above the monthly level for the 4th time in a row which was our first red flag, it was a very important level and our TP1.
Looking at Elliott waves, it doesn't look like our anticipated 5 wave move down is done, if it was we would've got a 3 wave bounce before another move down (assuming BTC was going lower).
Also, if we take a fib extension from wave 1 to 2, the low at 55.2k was put in at the .618 extension showing this could've been the wave 3.
Next big support is the weekly level in confluence with the fib golden pocket. Looking at this we could envisage a break below 50k (psychological support) for a liquidity grab which would complete our 5 wave move down.
I'm still bullish on the longer time frame, except if we lose 40k which would change everything.
That's just my opinion of course, I'll update you should I find one of my other counts more likely, but for now we want to wait for the reaction at the fib golden pocket should we get there.
Any questions?
Good luck traders
Remember not to break your rules
Habib
We couldn't hold above the monthly level for the 4th time in a row which was our first red flag, it was a very important level and our TP1.
Looking at Elliott waves, it doesn't look like our anticipated 5 wave move down is done, if it was we would've got a 3 wave bounce before another move down (assuming BTC was going lower).
Also, if we take a fib extension from wave 1 to 2, the low at 55.2k was put in at the .618 extension showing this could've been the wave 3.
Next big support is the weekly level in confluence with the fib golden pocket. Looking at this we could envisage a break below 50k (psychological support) for a liquidity grab which would complete our 5 wave move down.
I'm still bullish on the longer time frame, except if we lose 40k which would change everything.
That's just my opinion of course, I'll update you should I find one of my other counts more likely, but for now we want to wait for the reaction at the fib golden pocket should we get there.
Any questions?
Good luck traders
Remember not to break your rules
Habib
