Phi-Deltalytics

BTC: Which side are you on?

Short
COINBASE:BTCUSD   Bitcoin / U.S. Dollar
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Both a bullish count and a bearish Elliot wave count are above. Regardless of which side you are on, we are likely in a 3-wave flat (3-3-5) development, and a correction/downward trend is due soon.

For the bearish scenario, if B rises above 9.9k, the current ABC zigzag structure would be invalidated, and would likely turn to a flat. Since flats generally signal trend continuation, it could potentially mean the 5 waves to the upside has not finished, and we are going to have an extended 5th wave (much higher than the bullish scenario on the right).

Do you agree or disagree? All thoughts and critics are welcomed!

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Comment: The question now becomes: when will the CME gap be filled this time around?
Comment: TA is now as bullish as FA. However, we simply can't shoot up in a straight line. Institutional traders think 11k is overpriced.

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More on BTC long-term perspectives and August rally ahead:
https://phidelta.substack.com/p/forecast-7-relief-rally
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