Gumption334

Bitcoin Bears Determined to Break Below $20K

Short
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Within the anticipated Wave C of Bitcoin's current Extended Flat, it appears that we're still in Wave 4 (within the 3rd wave; important to note).
Nearing a finish of the (a) wave for 4/3's Flat around $45K, Bears are soon due to continue their downward pressure on the market's price.

I'm expecting a Running Flat to play out for 4/3 as the all too common Extended Flat would likely require a bounce into the peak of Wave 1/3 (which isn't allowed). There is no guarantee of a Running Flat however. The Flat could technically still extend and yet have a target around the length equal to (a)'s. There's also the possibility of a Regular Flat as well. All options must be considered until the waves decide.

Waves still pending development before Bull's return:
Wave (b) and (c) of 4/3 (corrective bull)
Wave 1,2,3,4,5 of 5/3 (ends 3rd wave; impulsive bear)
Waves (a,b,c) of overall 4th Wave (corrective bull) - could also be (a,b,c,d,e) if a triangle plays out.
Waves 1,2,3,4,5 of 5th Wave (impulsive bear)

Its safe to say that the bear market will continue for another 3 weeks at minimum, likely close to a 1 month+.
Comment: Wave 4/3 Flat has completed in very sneaky fashion.

Wave 5/3 is now underway.

Bears should be clear for a drop to $26K minimally (after retrace above $39K).
Trade active: Hey Guys,

Here's an update on our current location.
Still in Wave 3 from 60k.
Within 5th subwave (of Wave 3 from 60k)
Currently in minute wave 1 of 5th (of Wave 3 from 60k)
(if you need a wide angled view, look at the original post above.


Wave 1 of the 5th Wave looks to be a leading diagonal (blue wave)
Next targets may be around $31K (bottom of blue wave) and then 39K (for Wave 2 of 5/3; outlined in yellow).
Trade active: Expecting to test $30K in the next 5 days.
Expecting to $27K in the next 14 days.

Expecting true bottom near $20K-$23K based on fibonacci levels and wave count.