There are not many bullish count alternatives left for Bitcoin. This is one of them projecting a long accumulation period between ~6k and 10k over the next weeks/months.
In the mid term it has 5 waves down for the C leg but its still uncertain if the 5th is in or its going to be a diagonal and only its first subwave is completed so far.
Those are some zones to pay attention for a potential bounce, keep an eye on both longs and shorts during the next days.
Few extra things to keep in mind: 1) Mex down contract has the low at 6k, it never closed below their low option so far and judging by the place that BitMex has in this space it will never do so. 2) Futures have a gap that needs to be filled, which in our case can be the 2nd subwave of this 5th or a confirmation for the mid term trend reversal.
Will be taking a look later on on both Crypto Index chart, along with Bitcoin's volume weighted chart and post them below.
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It stopped at the 0.5 again so there is still selling pressure. The whole structure seems corrective despite the last impulse, so ideally this will end with a diagonal on the fifth.
Mex down contract is at 5.5k this week which lines perfectly with the labeled 3 target, double fib confluence for the target if it stops at 6.4 or 6.6.
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It still looks like a 3s structure so it might see a pullback to 6.1k again.
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It appears its trying to end the uptrend with a diagonal, if thats the case there is double confluence at the 6.1k.
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On the previous uptrend, the bearish DIVs didn't affect Bitcoin much, people weren't selling because of alt season, so keep that in mind also.
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Most probable scenarios as long as its bullish.
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It seems corrective so far and there is still selling pressure. If you are long consider taking profit on this area, or 100$ higher.
Trade closed: target reached
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Stopped at the 2 "magic trend lines". Woaaah.
Imagine shorting the potential start of the bull run because something something.
No further updates on both Bitcoin and Ethereum ideas. Someone wake up the Oracle.
Crypto Index : 2.10172341319882*BTCUSD^0.3*ETHUSD^0.3*XRPUSD^0.1413*BCHUSD^0.1063*EOSUSD^0.0611*LTCUSD^0.0377*DASHUSD^0.0167*XMRUSD^0.0166*ETCUSD^0.01*ZECUSD^0.01
Seems very plausible my friend. My count from last afternoon (but have to scale this one in due to weird price action)
CryptoSwindle
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^ Or this is the last wave to 4.95k on the macro.
pkb6698
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I think the trend will soon change.
Acel
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@pkb6698, i dont think this is the bottom bottom, but there is a chance for a relief rally to about 8k if it plays out as a bounce.
pkb6698
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@Acel,
I think so. This place may not be the bottom now, but I think there is room for a rebound.
CryptoSwindle
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@pkb6698, Hmm, I think people are blaming the wrong guys for manipulating the market. CME are not the MM and that could be seen in rich list top 10, whose there? Who is MM for the up and down contracts at mex? Same shit as most forex brokers playing MM. I think CME is used as a tool for cashing in big money whilst paying little taxes for most benefit and risk (audit) free. Just thinking out loud + quoting the wolf of wallstreet. So who benefits from those weekend pumps? Think...