Many analysts have the wave up from the 7300 bottom as a 1-5 impulse wave.
I do not see it as a 1-5 impulse, but rather an ABC correction.... meaning we have not reached the bottom and the bear market continues.
One reason for my view is that I CANNOT come up with a decent 1-5 wave count from 7300 to 9200.
Continuing with my count, we are now in a large impulse wave down. My times are PST:
I want to see the bull return, but unfortuneatly, we may need to bottom first. This drop will lead to the daily 50/200 death cross and a new low for bitcoin.
LLCoolRS
I do not see it as a 1-5 impulse, but rather an ABC correction.... meaning we have not reached the bottom and the bear market continues.
One reason for my view is that I CANNOT come up with a decent 1-5 wave count from 7300 to 9200.
Continuing with my count, we are now in a large impulse wave down. My times are PST:
- Wave 1: 9218 (Mar21 07:00) -> 8265 (Mar23 05:00)
- Wave 2: 8265 (Mar23 05:00) -> 9030 (Mar 24 07:00)
- Wave 3:
- SubWave1: 9030 (Mar 24 07:00) -> 8390 (Mar 24 23:00)
- SubWave2: 8390 (Mar 24 23:00) -> 8634 or 8709 or 8785. See Fib retracement char.
I want to see the bull return, but unfortuneatly, we may need to bottom first. This drop will lead to the daily 50/200 death cross and a new low for bitcoin.
LLCoolRS
