This correction wave has worked out perfectly so far. Fibonacci levels are on point and all sub-waves are found on the chart.
As long as Bitcoin does not break above 51,700, this scenario could lead us to the EMA 21 on the weekly chart; this is something Bitcoin has previously done, so I believe there's actually a high chance for that to happen.
Then I must say: if this keeps going well, grab your popcorn and get ready for the show, because a MASSIVE breakout is likely after that!
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A breakout below 48k could confirm this pattern once more, as the chance for another impulsive Elliot wave would have been taken out of the game.
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Still following my bearish Elliott, waves 1 and 2 are completed!
However, this level is critical. We need to start going down soon, otherwise this analysis gets weaker.
If we go up above 50,7k, this ideia is gone and we should turn bullish again.
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Also, we're having massive whale inflows into exchanges... Radical moves imminent!
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Not working as expected anymore.
I'll soon publish a new version of this bearish scenario. It's not over yet.
Trade closed manually
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New idea shows the last bearish scenario. If that also fails, I'm turning bullish again.