These are the counts I have come up with after a stressful month. My price targets are shown in the green boxes with the 3 possible outcomes for the end of the 5th leg.
It can be truncated if we find a lot of bullish support near the previous bottom
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I took 25% of my profit at this support zone due to anticipation of the truncated 5th, because...crypto... However, based on the counts we are meant to be in the 3rd wave of the 5th which should be aggressively bearish, so based on momentum and volume it will bring to light if this analysis invalidated
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This is based on my over all view of BTC shown here
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We seem to have heavy support at 1.30 which makes a double bottom and would still align with the truncated 5th wave. I am still bearish on BTC however, and will keep the position open.
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Has been a wild ride but it has broken an important support and as long as it trades below it on the higher timeframe, I do believe we will see $1
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I am keeping an eye on BTC and important supports to be broken to further confirm the TP of $1, or even .60-.70 near the 1.618 TP.
However, at this time 38k on BTC was broken, retested, and then acted as support. If this level holds, then BTC WILL rise up and it may effect the analysis.
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We broke out from the 38k mark (BTC) with bullish momentum, and on FTM we hit the 1 EXT. @ 1.04.
This could be a potential local reversal (correction) before another move down.
@Googlesaur, Boom, 1.11. What are your thoughts on under 1.05?
Googlesaur
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@snowcatxx87, 👌 We arrived (finally). I believe it is extremely likely, especially if my prediction for BTC turn out to be accurate. That would be enough bearish momentum to bring the 5th wave to the common target of 1.618. I called the 1$ as it is a strong psychology number, along with TA.
snowcatxx87
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@Googlesaur, Thank you so much for your time and efforts, I have been lurking over the years and finally made an account in this past year to comment. 🙌
Googlesaur
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@snowcatxx87, It's my pleasure brother, I enjoy doing TA and it's a bonus if it gets to help anyone.
muototo
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Any updates? you are spot on!
Googlesaur
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@muototo, Bitcoin is still trading above its strong, strong 38k support level, even after break down through it. If this level holds, and it isn't just another bart then there will be a serious bullish move, possible reversal.