h31415
Long

One More Wave Down Before Bull

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Good morning! Here is my view on the market right now:
1. We still need a wave 5 to complete the correction.
2. BTC is going to retest the 6k low and hopefully form a double bottom there.
3. Breakout the falling wedge and return to bull market.

So I'm short-term bearish and long-term bullish . Good things are happening in the near future:
1. The SEC hearing this week is super bullish .
2. Robinhood app is about to open btc market this month.
3. Transaction fees and unconfirmed transactions are gettting lower and lower. And Lightning Network is coming out this year.
Exactly my thoughts as well, but not sure yet if we're in for just another dip or more than that

Reply
Why didn't you start counting elliot wave from top? If you do that, 5th wave is already completed.
+1 Reply
h31415 sdurgut
@sdurgut, Good question. 2 reasons:
1. btc went from 19891 to 10700 (-85%) to 17252 (+61%). +61% is too much for a wave 2. The price is too volatile during this period to form any trend.
2. The downtrend is much clearer if we start with the 17252 high. The price has been bouncing perfectly in the falling wedge (clear lower highs and lower lows).
+1 Reply
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