Bitcoin - Possible Double Bottom and beyond

Yesterday I was looking for the Bitcoin price to bounce off the 78.6 Fib and start a move higher. Although it did break the 61.8 Fib the price never quite made it down to the 78.6. From the current Wave count it looks like there is a real possibility that we are making Wave 4 now above the 78.6 and still have room to the downside to complete a Wave 5. There are three possibilities that I see.

1. The price pierces the 78.6 and turns to complete Wave 5. (78.6% baby blue line)
2. The price continues down to the start of the previous count creating a double bottom to complete Wave 5. (at yellow line)
3. The price extends past the previous count and bounces off the bottom of the channel. (Pink line at channel bottom)

Any way I slice it we are getting lower prices in the short term unless BTC turns right now and starts climbing its way out.

Good luck!

BBS out.

Comment:

I put on a little at the first target (78.6) still waiting to see if we continue lower.

Comment:

I took it off again for a small profit. I'm just not feeling it yet. My core position is still long, my trading position is cash.

Comment:

I'm feeling it now. :0)

Trade closed: target reached