If you've read my previous posts, you'll see that I think we're on a micro-subwave 2 of mini-subwave 3 of subwave 5 of wave 5. Why bother doing Elliott Wave analysis at such a micro level? Because the current wave structure is a downward motive wave, and Elliott Wave gives us rules for invalidating this: Wave 2 cannot retrace before the start of Wave 1.
So if this the price of BTC goes to $7190, that means that the micro-subwave count is invalidated, which invalidates the mini-subwave count, which invalidates the subwave count. Which would mean that wave 5 has already ended, and we have started an ABC going up.
Another thing I want to emphasize is the beautiful bullish formation on the 4 HR OBV. In my previous posts I talked about how the 4 HR OBV has followed a downward trend for over a month despite all the other indicators giving mixed signals, the OBV has been very clear about the downward trend direction. Now if you look at the OBV, the OBV is flattening, has risen above the downward trend line and is now on an upward trend. This is a very very clear and unambiguous bullish signal.
Now because of the low volume, this doesn't prevent BTC price from going further down, but this may not break the upward OBV trend. If the price goes down and it doesn't break the OBV upward trend, that means that the drop will be the final test of the bottom before the start of the bull run.
So if this the price of BTC goes to $7190, that means that the micro-subwave count is invalidated, which invalidates the mini-subwave count, which invalidates the subwave count. Which would mean that wave 5 has already ended, and we have started an ABC going up.
Another thing I want to emphasize is the beautiful bullish formation on the 4 HR OBV. In my previous posts I talked about how the 4 HR OBV has followed a downward trend for over a month despite all the other indicators giving mixed signals, the OBV has been very clear about the downward trend direction. Now if you look at the OBV, the OBV is flattening, has risen above the downward trend line and is now on an upward trend. This is a very very clear and unambiguous bullish signal.
Now because of the low volume, this doesn't prevent BTC price from going further down, but this may not break the upward OBV trend. If the price goes down and it doesn't break the OBV upward trend, that means that the drop will be the final test of the bottom before the start of the bull run.