We are in middle of a complex correction. Currently it seems like it is a very complex WXY correction that is looking to double bottom around the $11000 area. This will be invalidated with a close below 11000 at least on a 4hr candle but seems like it will most likely hold.
Now the question is if this is a 4 from last low or 4 from the previous low, or a B of a ABC correction of a bigger WXY. My long term bias tells me it is a wave 4 of either lows with target around the double top of the macro yearly high around 13800 before correcting for a wave 2 for the bigger wave 3. If this is not the case, we may still see a climb to the double top area between 13200 and 13800 for a wave B of the bigger WXY before a drawn out move down to .500 fib level of the macro wave 1 around 8500, which should also close the CME gap from months ago.
This situation gives us a great opportunity to play both directions by buying this next dip and carry it to 13000+ levels and short after a clean 5 waves up until some sort of corrective structure finishes. Also this may give time for Alts to finally have some breathing room. With BTC Dominance already wicked around 72% we may have one more wick up to touch 72% but the lower BTC volatility points to some relief rallies across the Alts
Now the question is if this is a 4 from last low or 4 from the previous low, or a B of a ABC correction of a bigger WXY. My long term bias tells me it is a wave 4 of either lows with target around the double top of the macro yearly high around 13800 before correcting for a wave 2 for the bigger wave 3. If this is not the case, we may still see a climb to the double top area between 13200 and 13800 for a wave B of the bigger WXY before a drawn out move down to .500 fib level of the macro wave 1 around 8500, which should also close the CME gap from months ago.
This situation gives us a great opportunity to play both directions by buying this next dip and carry it to 13000+ levels and short after a clean 5 waves up until some sort of corrective structure finishes. Also this may give time for Alts to finally have some breathing room. With BTC Dominance already wicked around 72% we may have one more wick up to touch 72% but the lower BTC volatility points to some relief rallies across the Alts