After the low reached the other day bitcoin
is trying to stage a recovery, however things are moving slow and no real sign of impulsive price action. I am monitoring a flat scenario where the latest leg drop
in 5 waves marks the end of wave C of a larger abc
. So a bounce should be in the cards. Below 9100 , the C leg will become questionable and possibly morph into a Y leg of an ongoing double combo correction. If the lows so far mark the end of a flat 4th wave and we will be staging new highs in bitcoin
, or is just the W of an ongoing larger WXY , remains to be seen. We need to climb above 12,300 to have an increased confidence for another leg higher while keeping an open mind about any rise towards those levels as being an X connector wave. Welcome to corrections. Will keep following along without arguing much, without risking much capital, until a clearer picture emerges.
Check out the brand NEW VIDEO i posted yesterday 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.