EuroMotif

BTCUSD bear versus More bear: Bitcoin next leg down now or soon?

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
I have been looking for one more leg down per my previous ideas.

Price is currently at an important zone, to determine just how deep the next dip might be.
I see two secanrios:
LEFT side: a WXY correction heading back up towards 4500.
RIGHT side: an ABC correction already DONE, and preparing for next impulse down.

The next leg in either direction will give us more clues, and I will post a new Idea if something snaps into focus.

Background:
This is a continuation of my calculations to find the 'bottom' and consider whether it will go any lower or not.

First I saw 3618 on CoinBase as important which had been on my charts for over 6 months:


Getting closer, I started to see a bigger picture coming together:

As it bounced, I had hoped for a 4500-4700 peak:

But then 4425 came into focus as the big hurdle:

After it topped at 4425, a rising wedge combined with EW waves pointed to a serious pullback:

So here we are now, to see if there will be a bounce before a lower low is printed:


Dec 04
Comment: WXY per LEFT side plan still seems more likely
Per this blue 12345, maybe it was a truncated 5 and we move up now.
Per this Red 12345 (more likely imo) we still have a wave 5 to paint
Let see what happens today.
Dec 04
Comment: Do or Die moment for the WXY plan
Zooming in, green wave A did exactly what was expected. Now in wave B that needs to end soon with a strong bounce to start wave C
Dec 04
Comment: On a microscopic scale, two support zones that might start the bounce The 7.618 at 3821 is the last line if defense. If that fails, then the 9.618 is almost assured and that means the double/tripple/quadruple bottom comes under attack again.
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Dec 05
Comment: Here we are, last chance for bulls to paint a leg up
Zoomed in, the low of candle was 3660, the fib said 3661.85 The bounce was quite weak, this probably will not hold, but interesting to note the exact bounces where expected.
Jun 06
Comment: Another PERFECT Ping on the 7409 line am not all confident it will hold, but wouldn't it be something if we actually double bottom here and move to next target up?

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Related Ideas

Comments

I pick the left one :) Let's vote :D Whichever one gets less votes will probably be THE ONE :D
+1 Reply
@nnichos, lol. Indeed the market sure likes to hurt the most positions possible :(
+1 Reply
Thanks for sharing
Reply
Thanks.
Reply
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