Following on the previous update, Bitcoin
still needs to prove which road it will take as this correction continues. We are following the completed flat scenario in a wave 4 and in this instance the market needs to start trending impulsively in 5 waves with a hint of that coming yesterday. Not enough yet to consider that a done deal since we can only see 3 waves of the lows. If another leg lower is shaping up with a confirming move below 9250, the count will need to move towards an extended Y or C wave lower towards 7500. The other count keeps us in a double zigzag
with wave W complete as alternate and wave X in progress ( red labels) . You might think that these are subjective counts , but if you dig deeper into elliot wave
theory is only normal that markets correct in such manner and give you multiple scenarios of which to monitor. I personally think that this is extremely powerful , because it keeps you on your toes and limits you from trading with an "all in" conviction. A comprehensive analysis of the markets especially on the corrective phase will prevent many mistakes and wasted capital. The good tradable impulse moves are there for the taking, you just have to dig down, put in the work and identify multiple counts that point in the same direction.
Check out the brand NEW VIDEO i posted TODAY 7/19/19 on you tube under "cryptocowboy" account that takes us through the variations of the corrections in bitcoin
I also remind you , Our telegram channel "cowboy crypto markets" and our crypto room "cowboy-crypto room" discusses more detailed updates and lower time frame charts. If you want to learn more about Elliot wave
, it's a good place to get live market info and familiarize yourself with the wave counting process.