Hi Guys, Normally I dont like to watch the lower time frames, but this time the market is so volatile that I think there is good reason to watch the patterns on small time frames too. What I am seeing is that the pump yesterday was the third leg up in the Elliot wave. Now we have seen a complete Elliot wave up. We are therefore in for a correction. I believe that levels to watch are 3820 for a potential bounce up, then up to old support of 3885, then leg C to 3675. Trade Safe!
Or could we just be finishing '2', and getting ready for the '3' wave up? I do see the wave sequence you point to and that could certainly be legitimate, I'm just offering an alternative to play Devil's advocate, :-). All the best.
Cornevdberg
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@jeremy.jacques79, Thanks for your response. I have been overthinking that option too, but leg 3 always must be the largest one, There is not to many room in the RSI before we are overbought again and we are in a bear market, therefore I am not seeing bitcoin make a wave up that is bigger than this one we just had.