I will state the facts as I am preferring to keep my analysis shorter now purely for timing reasons.
Support at 8k
~We've seen the support here before and this is where I believe it will act and continue to retrace to for the time being before continuation.
~Very strong formation of impulse as show in light blue. Not the most reliable measurement for analysis but in this situation it could be very probably tied in with the extension facts.
~Looking at a really good place to retrace back to 100% from swing high to swing low from support after crossing the 78.
~Buy on the increase again.
~This will render you about a 12-13% gain if you enter and exit perfectly from 8k to 9k ride.
~My recommendation is to set stoplosses at 7750 range if you get in at 8000, and then sell between 8.4k and 9k taking profits where the supports lie.
If you made money on my 3 winning calls I posted yesterday a follow would be appreciated!
I'm not a financial advisor and nothing I say is a fact, any losses made through these decisions do not hold me accountable.
If you liked this short post, be sure to follow and like.
My main argument here would be it has to break multiple supports successively and there is less media FUD driving the price down as a whole. I don't see it breaking the 6k barrier either. Elliot wave is generally unprobable unless tied with another form of confirmation.
I just offer people what I see on a short term basis from the 4h-1d timeframe. This sort of thing is very subjective my friend and as I say, my opinion isn't obselete and you could be 100% right!
I learn more from my mistakes anyway, either situation is a win/win for me personally, however I reccomend holding fiat instead of tether if you are holding till 4.8-5k.