BTC pulled back pretty fast and hard from the exepcted top around 4200.
Now it looks like we might be either done with correction, or close. The ABC I have is rather sketchy, it could just be 'A' thus far and then B and C yet to come.
But mostly I wanted post the Support and Resistance zones I see.
Our short trade looks well. It is interesting that most ideas here on tradingview are fighting the long term downtrend. The trend is your friend.
EuroMotif
⋅
@rroopstr, Great call on your short. I hope you made some nice profits. Indeed a lot of crytpo traders are looking to buy, and I confess to be one of those. But that doesnt mean we cant make some profits on the way down as well as on the bounces!
aoeuaoeu
⋅
Why does wave 3 only have 3 subwaves?
EuroMotif
⋅
@aoeuaoeu, Good question, still asking myself that as well. At one point I thought this alternate count was looking good but that would be made wave 3 the shortest. The other possibility is that we have just completed wave 3 and are in wave 4 down, But thus far it just seems like the energy of the impulse wave has completed its move per the fibs reached. But lets see how it goes.
rroopstr
⋅
any target for next fresh low below 3100? recently people were talking about 2800
EuroMotif
⋅
@rroopstr, Yeah, I am also thinking 2800 is possible, which would be the 9.618 extenstion of this fib series from 7400 drop So far that fib series has held price captive, with some signs just now that price might be breaking free finally. But yes, I do expect a capitulation spike or stop hunt under 3k before uptrend can start....