[BTC] Double Bottom Followed by Subsequent Rally to 9k ?

Hello everybody! Right now we are looking at the 2h chart for Bitcoin.

My current analysis has led me to believe we are going to dip slightly below our previous bottom of 7350 where we will rebound off the .786 Fibonacci retracement level at 7150. Taking on a more conservative view, I do believe there is potential for us to go as low as 6800. In either case, I do believe a correction wave will follow that'll take us up to 8800-9000. I apologize for the short post but I will try my best to update this scenario as it plays out. Thanks!

Comment:

Just a quick reminder since I left it out of the initial post:
*As always this information is not a recommendation to buy or sell. It is to be used for educational purposes only.*

ALL ABOARD! I would begin entering a position at this point. Bitcoin has fallen too far too fast and we appear to have established some support at 7000. Keep in mind that the possibility of 6k is still very likely; however, big gains only come to those willing to take the most risk.

Comment:

Bitcoin is currently consolidating at 7k while it seems to be deciding where it wants to go next. I'm disappointed by the lack of volatility in this market and because of that I would err on the side of caution. 6k seems to be our next target for the time being but it is still possible that we'll start a new Elliot correction wave sending us higher. Until the buyers show their faces I would only put as much on as you're willing to lose. The market is very uncertain right now and it's very easy to get burned by the selling pressure.

Comment:

This trade has worked out nicely. If you extend my fifth wave to 6450 you can see that we have completed an Elliot impulse wave and are entering into a correction cycle. Currently, we are in the middle of an "A" correction wave (7400). If all goes accordingly we will begin a "B" correction wave shortly. Stay tuned as this trade develops (even though I know nobody's reading these updates).

Comment:

We had an EW failure as we began our "B" correction wave. In a real-time setting this would have been our indicator to sell but I am just here after the fact to cover what happened. At the moment we are consolidating inside a bear flag. If a breakout to the downside ensues our next stop is (coincidentally) a double bottom at 5900. You've been warned.