$BTC bounced back stronger than I expected.
It actually reached the 61.8% Fib retrace of bearish Wave 3
Now Wave 4 (bearish scenario) has been triggered and a Sell SU9 has been recorded
Wave 5 may have started with the recent price flip.
If wave 5 is properly underway, the most optimistic target is between 9,000 and 9,800 USD.
This could coincide with a trip back to the last drawn support and for the REI indicator to print a buy signal near -40.
Cautious point:
- For Bears:
The bearish wave 5 is not guaranteed.
A continuation of the upward trend cannot be excluded in the short term with a bullish countdown in progress.
The bearish wave count can be canceled if $BTC closes back above 12,300USD.
- For Bulls:
As wave 4 retraced 61.8% from wave 3 bearish, a more pessimistic scenario could be drawn where wave 4 could in fact be a sub-wave 2 of a larger bearish move.
In this case, prices of $ 7,600 are to be expected (most optimistic).
This would imply that wave 2 (bullish scenario) be pierced and consequently the cancellation of the bullish scenario
Best!
MATHR3E
It actually reached the 61.8% Fib retrace of bearish Wave 3
Now Wave 4 (bearish scenario) has been triggered and a Sell SU9 has been recorded
Wave 5 may have started with the recent price flip.
If wave 5 is properly underway, the most optimistic target is between 9,000 and 9,800 USD.
This could coincide with a trip back to the last drawn support and for the REI indicator to print a buy signal near -40.
Cautious point:
- For Bears:
The bearish wave 5 is not guaranteed.
A continuation of the upward trend cannot be excluded in the short term with a bullish countdown in progress.
The bearish wave count can be canceled if $BTC closes back above 12,300USD.
- For Bulls:
As wave 4 retraced 61.8% from wave 3 bearish, a more pessimistic scenario could be drawn where wave 4 could in fact be a sub-wave 2 of a larger bearish move.
In this case, prices of $ 7,600 are to be expected (most optimistic).
This would imply that wave 2 (bullish scenario) be pierced and consequently the cancellation of the bullish scenario
Best!
MATHR3E
