The Final Count-Down; Bitcoin Bears Prepare for More Blood.
The wave count unfortunately has been incredibly choppy on small timeframes however, the trend remains in a convincing downward motion (for the time being). Previously, my assumption was that Wave 3C was still in play but that particular idea has been debunked, thanks to fibonacci/elliott wave invalidation.
The clearest and simplest wave count shows that we're very likely in Wave C of a Running Flat formation for Wave 4 . The impulsive C Wave within a flat is the true definition of a trap. The aggressive move which goes against the bigger trend can easily convince traders that the bottom is in. Wave B of the flat also resembles what most would call a double-bottom as well.
A pending Wave 5 should come in and continue the trend down, should the wave count be true . The current low which resembled a double bottom should be broken as a lower low comes to fruition. With Wave 3 being the extended wave within the cycle , it can be assumed that Wave 5 will equal the length/strength of Wave 1 .
Anticipating that Wave C of the Running Flat ends near $38.6, subtracting $17K from this amount puts us in the range of $21K. This price point is also near the lowermost part of multiple defined trend levels. The trend is your friend, at least until it comes to an end. Elliott Wave also cannot give a 100% accurate target either but there's plenty of reason to believe that the current bear cycle will come to an end somewhere between $19K and $21K. *A more accurate zone can be defined as the price pattern descends lower towards its true bottom. If anyone is in discussion about price dropping to $15K or lower, they're simply wrong.
This move was pretty predictable, even back in April :)
Based on the 2W chart, we're at least 2 weeks from the next big impulsive wave up (currently I'm a bit doubtful that we see $100K as most anticipate). We can talk about that later though!
The clearest and simplest wave count shows that we're very likely in Wave C of a Running Flat formation for Wave 4 . The impulsive C Wave within a flat is the true definition of a trap. The aggressive move which goes against the bigger trend can easily convince traders that the bottom is in. Wave B of the flat also resembles what most would call a double-bottom as well.
A pending Wave 5 should come in and continue the trend down, should the wave count be true . The current low which resembled a double bottom should be broken as a lower low comes to fruition. With Wave 3 being the extended wave within the cycle , it can be assumed that Wave 5 will equal the length/strength of Wave 1 .
Anticipating that Wave C of the Running Flat ends near $38.6, subtracting $17K from this amount puts us in the range of $21K. This price point is also near the lowermost part of multiple defined trend levels. The trend is your friend, at least until it comes to an end. Elliott Wave also cannot give a 100% accurate target either but there's plenty of reason to believe that the current bear cycle will come to an end somewhere between $19K and $21K. *A more accurate zone can be defined as the price pattern descends lower towards its true bottom. If anyone is in discussion about price dropping to $15K or lower, they're simply wrong.
This move was pretty predictable, even back in April :)
Based on the 2W chart, we're at least 2 weeks from the next big impulsive wave up (currently I'm a bit doubtful that we see $100K as most anticipate). We can talk about that later though!
Comment:
While $17K-$18K are possible targets, based on the look of current Wave 1 (within 5th Wave), at this point and time, it seems as if Bears will make a push down to $22K to complete the last cycle down. This target will likely adjust as Waves 3 and 4 develop form.
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