We've seen some steady growth since the last major dip for BTC. I know when I am defeated but let's just say I did not expect this 2 weeks ago when I made my previous analysis.
It seems that I have failed to see the wave forming into a bigger elliott wave, and what we were seeing from my last post was the tip of wave 1. We are in what is seemingly a wave 5 that followed a very long and dragged on wave 3, OR we are possibly riding a very huge correction wave B.
To critically analyze where we may be headed I decided to scroll in and find any bullish or bearish signals and voila, a perfect gartley pattern appears, forming a textbook scenario bearish gartley. We can see that the recent movement peaked out at ~$11255 which just happens to lie just under the 38.2% retracement to the ATH value of BTC.
Everything else on top of the recent movement which just can't seem to go above this level is just way too many short term bearish signals that I cannot ignore. Given how extended and the relatively small slope Wave 3 gave us, it may be throwing us into a confused bullish mindset. At times like this it's important to focus on the raw chart data and see what small micromovement is brewing inside to support a much bigger trend. I expect this confused bullishness to drag on until we hit the next major support which now sits at around $11400 at this pace. If a reversal still hasn't happened then, be sure to watch out for one at this area.
Some may say I'm missing out but I'd rather miss the bus and take a taxi later than ride the wrong bus.
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We are trying the 10800 region now. Once it breaks through I'm looking at 10400 for next minor support, followed by 9800.