Bitcoin price continues to correct after the massive run that ended last week. I have placed a corrective channel for now and will monitor the development inside while watching the boundaries. If this is a wave 4 it can take several forms from triangle to flat to zig zag or double zig zag. As the price develops the correction choice will take shape and we will follow it until signs of completion become more clear. The weekly candle posted a strong rejection pattern and calls for a longer period of weakness. We could spend the whole month of july, maybe even august correcting the advance. Below 10,000 , 9500 will be the are to watch , and by the time we meet the center trendline , 9000 could be in play. I mention again , wave 4's are notorious for eating capital so be aware of the market conditions. Elliot wave will keep you out of trouble if you respect the counts and learn to read the language. I remain neutral.
I have recorded a new Video today on you tube under "cryptocowboy" account , so please check it out for a more detailed explanation of where we are in the wave counts.
I remind you , Our telegram channel "cowboy crypto markets" 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.
I have recorded a new Video today on you tube under "cryptocowboy" account , so please check it out for a more detailed explanation of where we are in the wave counts.
I remind you , Our telegram channel "cowboy crypto markets" 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.