Bitcoin - Correction in play seems to be more likely
Hello Traders,
Let me take a quick moment to justify my charting.
We failed to get a higher high just now, as such, we saw a clear drop, and this could now be the completion of our subwave 1 for our elliot downwards in our C wave correction of our larger 5 wave elliot that just completed at 9700.
Even if we correct to 8700 - 8300 I'm confident we will attempt another elliot wave up towards 11600 to try and break ort Past ATH.
Pay attention to the critical points that confirm which direction we will go.
Right now we are looking fairly bearish as it was very critical of us to get that higher high just now and did not. Take caution in your trades and follow your rules.
As always, this is not financial advice, use it for education and a different perspective.
Sincerely,
Crypto Hippo
www.thecryptoblend.com For all things crypto.
Let me take a quick moment to justify my charting.
We failed to get a higher high just now, as such, we saw a clear drop, and this could now be the completion of our subwave 1 for our elliot downwards in our C wave correction of our larger 5 wave elliot that just completed at 9700.
Even if we correct to 8700 - 8300 I'm confident we will attempt another elliot wave up towards 11600 to try and break ort Past ATH.
Pay attention to the critical points that confirm which direction we will go.
Right now we are looking fairly bearish as it was very critical of us to get that higher high just now and did not. Take caution in your trades and follow your rules.
As always, this is not financial advice, use it for education and a different perspective.
Sincerely,
Crypto Hippo
www.thecryptoblend.com For all things crypto.
Comment:
Another visual to look at for understanding.
Comment:
Another count to assess. The elliot waves and corrective waves count out just fine, what i dont like in this chart is that the Primary B wave has 5 waves in it. So the ABC correction is a 5-5-5 corrective wave. To me its a very clear 3 impulse wave structure, I could force an abc in the B wave but it doesnt look natural. As we break our previous high or low we will get validation and be able to ex some of these out, once we have it narrowed down to an accurate play we can make a move and profit with great confidence.
Comment:
Really getting squished into that Apex point, Signs are looking bearish, but bulls still holding quite a fair battle. No trade zone for me right now. Even if we drop down, part of me says it'll get rejected and we wont see 8600, it'll just turn into a bear trap, so im hesitant to short below the trendline, I'd prefer to short higher and take a tighter stop loss if we break up. Leaning more bearish atm.
www.thecryptoblend.com
www.thecryptoblend.com