My previous posting still stands, but I've 'zoomed' in to the 4hr chart to provide you more detail. This is most likely the end of a 'c' of 'b' of 2. I'm telling you, there is WAYYYY too much bullish sentiment right now. Everyone thinks we are mooning which means a drop is incoming.
Note the beautifully formed triangle in wave 'b.' if we were going higher, this triangle wouldn't exist as it violates Elliott Wave Theory rules. (Wave 2 is NEVER a triangle by itself) This means it is more than likely a 'b' wave. Adjusting for the end of the triangle gives us a beautiful symmetry, also supporting the idea of this being an upward correction that's now ending with the near term downtrend to resume. Looking at the PURPLE ARROWS and using longer term wave 'a' as a baseline, you can see the target for wave 'c' of 9,200 before the fireworks really begin. There is some big SMA resistance on the way down, but overall sentiment wasn't crushed enough in this recent correction. It is possible we extend past 9,200, but I won't get into those targets until I have confirmation that my count is likely correct. Between current price and my predicted price of 9,200, we have several strong support levels to break, so my 9,200 might not be touched, so look at this as prediction of the short-term direction, not trading advice. I firmly believe we are falling, and accounting for typical symmetry and EWT rules, 9,200 is the roughly calculated result. Not my 'trading target' as I don't try to catch falling knives.
I do see the above wave count as being the most probable. What do you think? I hope I'm wrong as I want my portfolio to explore the stratosphere as well. Don't let your confirmation bias encroach on your ability to reason. If you're sitting there seeing a potential rise in Bitcoin because it's what you are hoping or needing, then it most likely means you're wrong.
JE
Note the beautifully formed triangle in wave 'b.' if we were going higher, this triangle wouldn't exist as it violates Elliott Wave Theory rules. (Wave 2 is NEVER a triangle by itself) This means it is more than likely a 'b' wave. Adjusting for the end of the triangle gives us a beautiful symmetry, also supporting the idea of this being an upward correction that's now ending with the near term downtrend to resume. Looking at the PURPLE ARROWS and using longer term wave 'a' as a baseline, you can see the target for wave 'c' of 9,200 before the fireworks really begin. There is some big SMA resistance on the way down, but overall sentiment wasn't crushed enough in this recent correction. It is possible we extend past 9,200, but I won't get into those targets until I have confirmation that my count is likely correct. Between current price and my predicted price of 9,200, we have several strong support levels to break, so my 9,200 might not be touched, so look at this as prediction of the short-term direction, not trading advice. I firmly believe we are falling, and accounting for typical symmetry and EWT rules, 9,200 is the roughly calculated result. Not my 'trading target' as I don't try to catch falling knives.
I do see the above wave count as being the most probable. What do you think? I hope I'm wrong as I want my portfolio to explore the stratosphere as well. Don't let your confirmation bias encroach on your ability to reason. If you're sitting there seeing a potential rise in Bitcoin because it's what you are hoping or needing, then it most likely means you're wrong.
JE
