Friends, I hope your all having a fantastic Friday! I am attaching a chart of what could be transpiring as we see Crypto's slump across the board. The focus has been that $BTC is within the confines of its FINAL 5th Wave up, but that Final wave is constructed of 5 smaller sub waves (or impulses). If this correction continues, the rationale is that $69K was the top of the 3rd sub wave. If this is indeed the case, then we would be half way through a corrective 4th wave. These structures are typically an "A-B-C" corrections. For example, our sub wave 2 that bottomed at $39.6K, was an ABC. In the 4th sub wave correction, EW rules state that the .382 Fib is the most logical area of support. So I have overlaid the Fib with a solid red line to depict where prices COULD go. Remember that is a soft target and not a rule!. It could be marginally lower or higher.
The last piece of the puzzle is $ALT's. I still hold to the belief that the $Alt's, especially those I have detailed countless times here, will begin their BIG moves upon the start of the final impulse of $BTC to its final target. That target has been and remains the 4.236 Fib (72.4K-$77K range to allow for a deviation wick). Once that top comes in, it is possible that $Alts fall initially with $BTC as it rolls over, but some $Alt's will actually reach out to their FINAL TOP upon the B wave retrace of $BTC's bounce. That bounce of $BTC will be a LOWER HIGH, and it will mark the beginning of the collapse of the entire crypto complex. Don't worry, I will be watching the show alongside with you. For now enjoy the weekend! :)
The last piece of the puzzle is $ALT's. I still hold to the belief that the $Alt's, especially those I have detailed countless times here, will begin their BIG moves upon the start of the final impulse of $BTC to its final target. That target has been and remains the 4.236 Fib (72.4K-$77K range to allow for a deviation wick). Once that top comes in, it is possible that $Alts fall initially with $BTC as it rolls over, but some $Alt's will actually reach out to their FINAL TOP upon the B wave retrace of $BTC's bounce. That bounce of $BTC will be a LOWER HIGH, and it will mark the beginning of the collapse of the entire crypto complex. Don't worry, I will be watching the show alongside with you. For now enjoy the weekend! :)
JT