BITCOIN - Is A WXY To Go Lower 🧐?

If BTC carries on downward in this manner then I think it is probably a WXY to go lower.

Ultra complex sub waves but in the end a 3 wave at higher degree...

The 09 September pump certainly threw a confusing curve ball (hopefully have my americanisms correct 😄) but as I said before - 13 September counterbalanced that pump and now the trend is starting to look more dominant to the downside.

Also the potential Y wave topped precisely at 0.618 retracement + overshoot which is exactly what you would expect to see in a retracement wave.

Its not at all confirmed yet and BTC could make another move up to print another complex oscillating wave.

However the potential W wave was printed while indexes were pushing up and it would appear they were also corrective.

But now indexes look very bearish confirming the dominant trend to the downside and for that reason its perhaps not reasonable to expect more corrective price action, but rather to consider that this phase may be coming to an end for BTC.

As I said its still in play and still in that blue band and at some point indexes will bounce so it will be interesting to see how BTC and alts react. I have a feeling there may be some bouncers and thats why I'm holding 2 very low rank coins XPR and GAFI and bit more confidence in GAFI to pump since it appears that it may be in tight contraction that can lead to impulse.

But I'm not really long crypto - these are lotto punts.

Not advice.

Comment:

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Comment:

So we've got a corrective descending channel which suggests a potential bounce.

And it could become a more complex correction, BTC doesn't really do anything the simple way.

I have a hunch that if BTC does have a bounce there may be some alt pops.

Comment:

BTC has popped out of the descending channel and now rests on "2017 top" support where it spent quite a few days before.

And so it may prove to be insignificant, however this is a higher probability area for a bounce to come from.

Also indexes did push up somewhat in the closing hours which could be a sign that some kind of bounce is coming next week.

Comment:

Here comes that bounce 😸.