this is an update to our Post here from Feb. 22nd. Bitcoin is approaching a level that is very risky from an Elliott Wave Technical Analysis point of view.
The previous correction low (8366) is a very important level. The Bitcoin counts as a 1-2-1-2-3 correction from our minor wave 4 label If that level gets taken out to the downside. It means in plain words that this is the eye of the storm for the current swing - the strongest drop typically takes place around this portion of the wave.
The same technical picture applies to the other major cryptos, which confirms the urgency of the setup here.
We do see a failed breakout attempt over the past weeks and fundamental evidence mounting against cryptocurrencies. It comes in form of regulation, hacks, and of course price losses that the media reports every day.
Trade closed: target reached
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Closing all crypto positions. BTC may bounce sharply at this junction. The asset is ambiguous at the moment.