This is my best estimate of what is going to transpire short term. If the price does not break the 78 Fib to the downside then this is a Wave 2 with a 3,4,5 to follow. If this is not the case, I'm out until $8,500. I don't think we are going there yet, if ever, but that is what I keep reading everyone else saying. Probably all the more reason for me to believe my count will be right. :0)
Remember, I'm a Bitcoin HODLer, not so much a trader. Use my charts at your own risk and do your own research before investing anything. I am not a financial advisor and have never even played one on TV.
P.S. The 61.8 and the 78.6 Fibs are ideal locations for a Wave 2 termination. If this count is correct we could turn at any moment. We don't have to go all the way down to the 78.6 level.
Remember, I'm a Bitcoin HODLer, not so much a trader. Use my charts at your own risk and do your own research before investing anything. I am not a financial advisor and have never even played one on TV.
P.S. The 61.8 and the 78.6 Fibs are ideal locations for a Wave 2 termination. If this count is correct we could turn at any moment. We don't have to go all the way down to the 78.6 level.
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1 hour view
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5 waves followed by an ABC making up a larger 5 waves to the upside.
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We may be coming down to the 78.6
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The pink 2 should be on top of the green candle. It doesn't matter, the count is the same.
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I said "MAY" we won't know until the 61.8 is broken.
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A closer view
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Again, this lower count is only valid if we break the 61.8 Fib
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The price is building a strong case that the 61.8% Fib was as low as it wanted to go for this wave.
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Of course for this to be the turn we need to start breaking the Fibs in the Northern direction......
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I don't know guys, I'm really struggling with the smaller counts. I still can't find a good place for wave 4 to end without breaking into wave 1. The below makes sense even if nobody wants to see it.
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I'm saying that is how it has to play out, just that it looks like a much better count than what we've seen so far.
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Just as I suspected, the 78.6 Fib is definitely on the table
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I took off a little bit around $9900 and just put it back on at the 78.6 Fib. Waiting to see if we turn here or continue lower....
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BINGO!
Trade closed: target reached