To make the long story short, BTC/USD tends to move by Elliot wave rules in 80% of the time.
My current count says that since the major bottom we had in February we've been in major wave 1, before turning bearish towards the major wave 2.
I still think we are currently in that major wave 2 but in it's final round. Major wave 2 also has 5 waves within itself and we are now in the last, 5th wave which is again divided in 5 waves...
Stay with me :)
These minor 5 waves say that we are now finishing their second wave before major impulsive push towards 7800 in third most impulsive wave. There we should be reaching the bottom with possible lower end of wave v at around 7500-7600 levels. Sounds complicated but chart should clear it up.
After this correction is done and this major wave 2 ends we will enter major 3rd wave which should be heavily bullish, bringing us way above recent highs (after February lows). We may even see 18.000 in this third major wave, but I'll update the projected price later on when structure clears itself.
My current count says that since the major bottom we had in February we've been in major wave 1, before turning bearish towards the major wave 2.
I still think we are currently in that major wave 2 but in it's final round. Major wave 2 also has 5 waves within itself and we are now in the last, 5th wave which is again divided in 5 waves...
Stay with me :)
These minor 5 waves say that we are now finishing their second wave before major impulsive push towards 7800 in third most impulsive wave. There we should be reaching the bottom with possible lower end of wave v at around 7500-7600 levels. Sounds complicated but chart should clear it up.
After this correction is done and this major wave 2 ends we will enter major 3rd wave which should be heavily bullish, bringing us way above recent highs (after February lows). We may even see 18.000 in this third major wave, but I'll update the projected price later on when structure clears itself.
Count update that could still put 7500 in play is that the recent wave 4 had an a-b-c formation and that we are now in that last wave c, before going down to new lows, in wave 5.
However, on the upside, buying volume is picking up now and alts are following the rise, I would be very comfortable in long positions given they were opened in 8k range, but would not close them even if we were to wake up to a crash to 7k range, as it should be very quick and probably last pullback in this region for a while (months..).
Also I would not recommend going short yet as the recovery may be even more impulsive than the last time.