EuroMotif

BTCUSD short term outlook: Bitcoin Support zones to watch

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Expecting wave 5 down to start soon.

This plot is centered around this Blue Fibonacci extension set notice the prefect recognition of each .236 and .618 ratios.

Based on the above fib, and the Elliott Wave count that it indicates, another leg down seems highly probable.
This is for short term analysis. Longer term I think we have another big leg down when a wave 5 of higher order completes.
See the links below for progress on this crash watch and my measurements.

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Background:
This is a continuation of my calculations to find the 'bottom' and consider whether it will go any lower or not.

First I saw 3618 on CoinBase as important which had been on my charts for over 6 months:

Getting closer, I started to see a bigger picture coming together:

As it bounced, I had hoped for a 4500-4700 peak:

But then 4425 came into focus as the big hurdle:

After it had topped at 4025, a rising wedge combined with EW waves pointed to a serious pullback:

So here we are now, to see if there will be a bounce before a lower low is printed:
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Comments

Nice analysis mate,thanks for sharing. I think you count remains valid with a deeper correction as a double three combo wxy; 4 HR Chart:
Reply
@tuamen, Hello and thanks for sharing. Indeed, your chart looks far more plausible than mine above. I am fine tuning currently as well.
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There was a bounce ok, exit pump maybe? Caught me off guard, as bitcoin was doing the mini bear pennant inside the large bear flag. I was almost certain it was gonna break downward to a new low. Wouldn't be crypto without some fun surprises though :D. As always, great work, interested to hear your thoughts on that bounce back up to the low 4ks...
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EuroMotif ThankUKind
@ThankUKind, wow, totally caught be off guard too! was not expecting that bounce, and so of course that is why it happened :(
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