There is an increasingly high likelihood the sell-off in Bitcoin is complete. This sell-off marks the end of corrective wave 2. What should follow is a strong surge higher as wave 3 begins to unfold.
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Bitcoin may be undergoing a complex correction where wave x is taking the shape of a triangle. If this is the case, then we need to look out for a break lower out of the bottom trendline of the triangle. This should result in a swift and sudden decline... BUT this decline will mark the END of the correction.
Bottom line, the bigger trend is pointed firmly upwards.
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The bearish triangle scenario has been eliminated. The bullish scenario remains on favoured footing.
There is no certain way to mark Elliott waves. So keep SL mate.
MartinSchnellmann
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why is ist the end?
CryptoidiotQ
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hmmm, not sure about your wave count, but it'd be nice if you are correct.
ImreSG
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@CryptoidiotQ, If you have a different count, I'd love to see it.
CryptoidiotQ
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@ImreSG, To keep it simple I got the current correction as wave 4 and we're waiting for a wave 5 to start. I could see your perspective too tho, once I went and double checked my work using yours as a comparison.
samanja
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I disagree on this. I think there will be two or more pull backs before bulls will return back
ImreSG
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@samanja, Wave C may not be complete. I will allow for a dip to ~ 38k or so. But bigger picture... bigger picture always.
donjuandecrypto
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@ImreSG, I thought you said the H&S didn't matter? make up your mind lol