Looking at bitcoin here we have a Elliot wave cycle that has completed as you see we have all five waves and that usually means now it’s time for a corrective ABC wave. I have two possible outlines for the potential target, but each one is deeper than most people are considering. All the dip buyers want higher up like 10K to 12K. I believe 6K is max pain for all traders and I believe you could even slip further down to the 3.82 fib retracement down to $1200 in any mass panic sell. This is merely just an idea but I believe it has a strong potential chance of playing out though I will be playing level by level first. We must test 18k-20K and15K the former bottoms to determine whether we’re going to double bottom or not after we’re underneath those levels I do believe 6K is easily on the table. Anything under that then we have to look at $1200 as the back up valve.
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Also I should not the line targets are not timeline I believe for this to play out.
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I forgot to update this. No longer in belief, they will bring max pain this close to halving. Plus we survived 25k suppoer which fully invalidates this possibility. 177k seems more likely now before lower than 20-25k. I've been personally long since 28k on way back up on alts. Will look for next swing idea.
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