Hi fellow traders :)
I'm currently shorting this Bitcoin Swing down with the idea that we are undergoing the final C leg of this correction.
Afterwards, I'm looking for buyers to enter the market to drive this baby up higher.
Of course, this could not happen either and price could come down the bottom of this entire Elliot Cycle and even fall further down. Albeit a slightly lower chance of doing so based upon what i see.
Please see higher time frame below.
I'm currently shorting this Bitcoin Swing down with the idea that we are undergoing the final C leg of this correction.
Afterwards, I'm looking for buyers to enter the market to drive this baby up higher.
Of course, this could not happen either and price could come down the bottom of this entire Elliot Cycle and even fall further down. Albeit a slightly lower chance of doing so based upon what i see.
Please see higher time frame below.
Comment:
Comment:
Short Term: I've been shorting this C leg down and i still don't believe it's complete.
I've got my target around 8100 - 8200. I think price may even come down lower but we'll see what it decides to do.
I've got my target around 8100 - 8200. I think price may even come down lower but we'll see what it decides to do.
Comment:
4 Hour
Comment:
ABC formation redrawn
Final leg incoming after completion of this B leg
Final leg incoming after completion of this B leg
On a bigger scale, i see this as an ABC correction which will follow by a much bigger movement above all time highs.
On the weekly chart (right) we can see strong price action as buyer's have entered the market.
It's to my belief that as of current, we are in the C leg of an ABC correction and we should with higher probability resume the trend up **IF*** buyer's enter the market at the end of this C legged correction.