In my last update I was looking for BTC to top out very soon, around 29k We ended up pushing a bit higher to 31k and have now dropped back to 27k
As already mentioned I don't believe BTC has bottomed so I'm looking for it to break the low at 15k now
You can see on my chart my Elliott Wave count: - High Time frame ABC correction with wave A completed at 15k - We have now completed wave B in an ABC - Wave C has now started with an impulsive move down, first target being 13k
I will update you on LTF support and resistance levels when I have more time, but this is my HTF bias at the moment.
Of course, trade based on levels and reactions, not biases, as I could simply be wrong and BTC goes higher.
Any questions?
Good luck traders, Remember not to break your rules,
I don't think the blue wave A is actually an impulse wave because the yellow wave 5 is not a 5-wave structure. I believe it's a WXY correction where wave W ended on your yellow wave 3, and wave X (a flat) ended on your blue wave B..
Habib0601
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@PriceActionHelp Hey how are you? I do have the WXY count as an alternative to mine, but the reason I don't like it as much is because I can't find a solid count where the wave Y (my wave 3 of A) is a 3 wave move. I fits too perfectly as a 5 wave move in my opinion. For my wave 5 of A, it is simply an ending diagonal ABCDE
PriceActionHelp
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@Habib0601, I meant that your yellow wave 1 is wave A of W, your yellow wave 2 is wave B of W, and your yellow wave 3 is wave C of W. Then your yellow wave 4 is wave A of X, your blue wave B is wave B of X, and the currrent down is wave C of X. I don't think your yellow wave 5 can an ending diagonal..
Habib0601
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@PriceActionHelp, yes I understood your label of waves. WXY are corrective (3 waves) structures. Your wave W doesn't look very corrective, making your idea unlikely. My wave 5 of A can be an ending diagonal without any problem.
Habib0601
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@PriceActionHelp, At the end of the day your count is as bearish as mine. Your count is valid, I just prefer mine as it fits better imo