I've seen plenty of Elliot wave counting on this board, and while there are some EXCELLENT technicians, there are also some that need more experience and study to truly understand EW counting and wave psychology! There are times, when counting E-waves that you need to take a step back and let more waves to develop in order to begin to see the overall picture of the waves, then there are other times when you're on a wave count and it's like you have an Atlas Road map and everything is precise....those excellent technicians will know, exactly, what I am referring to here!
From an Elliot wave perspective, I believe that Bitcoin has (2) options at the current price level. The first EW count (in purple) offers a bullish scenerio for Bitcoin, which would lead price out of the downward channel, and set up future price movements that could possibly challenge the ATH. I also believe that Bitcoin is attempting to grind out the last impulse of the Wave 3, which IMO, needs to get up near the 11,000 price range in order to create space for the Wave 4 to correct without dropping back into the downward channel. This is VERY important for Bitcoin!!! Some EW technicians have this current price level as the top of a Wave 1, which I believe could be a fatal mistake, due to the fact that, upon the Wave 2 correction, this would put price back into the downward channel, and the probabilities would be greater that this entire move is corrective, such as an A-B-C with the Wave C being extended, and appearing to be bullish, when in reality it is nothing more than corrective!!! And, you can see the Alternate count that I have provided in Red, with the initial move dropping back down to the median line of the bearish downward channel. Ultimately, this could lead to a new all time low!
Bottom line, if you are bullish Bitcoin, you are cheering for a move to 11,000! If you are a bear, you are hoping price drops back into the downward channel, which will challenge the median line, then possibly the all time low!
Regards!
From an Elliot wave perspective, I believe that Bitcoin has (2) options at the current price level. The first EW count (in purple) offers a bullish scenerio for Bitcoin, which would lead price out of the downward channel, and set up future price movements that could possibly challenge the ATH. I also believe that Bitcoin is attempting to grind out the last impulse of the Wave 3, which IMO, needs to get up near the 11,000 price range in order to create space for the Wave 4 to correct without dropping back into the downward channel. This is VERY important for Bitcoin!!! Some EW technicians have this current price level as the top of a Wave 1, which I believe could be a fatal mistake, due to the fact that, upon the Wave 2 correction, this would put price back into the downward channel, and the probabilities would be greater that this entire move is corrective, such as an A-B-C with the Wave C being extended, and appearing to be bullish, when in reality it is nothing more than corrective!!! And, you can see the Alternate count that I have provided in Red, with the initial move dropping back down to the median line of the bearish downward channel. Ultimately, this could lead to a new all time low!
Bottom line, if you are bullish Bitcoin, you are cheering for a move to 11,000! If you are a bear, you are hoping price drops back into the downward channel, which will challenge the median line, then possibly the all time low!
Regards!