dalmazio
Short

Bitcoin Corrective Tsunami Underway? (Zoom Out II)

POLONIEX:BTCUSDT   Bitcoin / Tether USD
This is the same chart as previously, except zoomed way out, so you can see the broader Elliott Waves in context, with the purple wave being the largest completed "genesis" wave which we are now correcting.

Targets are shown to be $3000-$3600 based on standard Elliott Wave Theory. However, this correction has the potential to go much deeper. For example, the $2500 level, and even the $2000 level if conditions are right.

Be cautious.

Target: $3000-$3600
Sep 14
Comment: Target reached. However, comparing Elliott Waves across major crypto markets (some markets have clearer wave structure that can be used to help fill in the picture in sibling markets), suggests we may have one more leg to go in this wave C subleg. We can easily break through 3000, and perhaps down to 2700 or lower before stability returns.

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