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Short

Looking for a possible BTC bottom

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
In previous charts, months ago I have called for a final BTC correction ending at around $4800. This scenario is still in play for me, but while trying to make the EW count match for the last leg down, I am starting to see a possibility for a bounce from a more bullish target. We are in a large C-wave down (see the "Ultimate bear case", link below). What we see on this chart, is really starting to look like an ending diagonal , of which we might be in wave 4 of.
The current bounce we are seeing from $5780 upwards is facing heavy resistance right now, and chances are high that it will not get much higher. There is heavy resistance at $6429, which also coincides with the golden-pocket retracement of wave 3 (between 0.618 and 0.65). This is a nice confluence zone for rejection downward, if we get that high. If we happen to break through $6429, we are facing our last resistance on the way up near $6600, which also coincides with the 0.786 fib retracement. If we break this resistance, this count gets invalidated and the overall tone a lot more bullish , since we might go to $7500 in that case. But remember, we are still in a down-trend, and chances are high that we are going to re-visit 6k and below afterwards.

Comments


If it plays out that way as a ABCDE X wave and a zig zag Y then your target you've been calling for is pretty close with the fib pull showing both 1.618 ext. sitting just under 4700.
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