Hello everyone,
I hope you are all crushing it today! Personally, I love days like this. It is so easy to pick up on these shorts with an accurate Elliot wave count and the right indicators. Anyways, It has been a very interesting day in the market. Just yesterday everyone was yelling bull run but I wasn't so convinced. So lets get down to it. From what I am seeing we are still due for some more pain unfortunately and today confirmed it for me. Good news is we are likely seeing one of our final waves down. DO NOT misinterpret what I am saying. I do not see lambo's anytime soon. But what I do see is us bottoming out in the near future. This means sideways trading. Which is boring but also a great opportunity for those who are new to the space. ACCUMULATION is the name of the game.
So where do I see us heading? From what I see we should be very close to completing wave 1. We have have bullish divergence on all time frames signaling a bounce isn't far off. $6500-$6600 seems to be to spot on with the .782 and .886. From there We are likely to see a bounce to $7000-$7200 which is the .5-.618 from the $9500 high. I see this as an AMAZING short opportunity as wave 3 must be AT LEAST the same length as wave 1. Which will put us at a minimum of $6100.
If you liked this analysis please follow me on trading view and twitter! I will be doing several TA's per day on bitcoin and major alts. Best of luck and stay safe!
I hope you are all crushing it today! Personally, I love days like this. It is so easy to pick up on these shorts with an accurate Elliot wave count and the right indicators. Anyways, It has been a very interesting day in the market. Just yesterday everyone was yelling bull run but I wasn't so convinced. So lets get down to it. From what I am seeing we are still due for some more pain unfortunately and today confirmed it for me. Good news is we are likely seeing one of our final waves down. DO NOT misinterpret what I am saying. I do not see lambo's anytime soon. But what I do see is us bottoming out in the near future. This means sideways trading. Which is boring but also a great opportunity for those who are new to the space. ACCUMULATION is the name of the game.
So where do I see us heading? From what I see we should be very close to completing wave 1. We have have bullish divergence on all time frames signaling a bounce isn't far off. $6500-$6600 seems to be to spot on with the .782 and .886. From there We are likely to see a bounce to $7000-$7200 which is the .5-.618 from the $9500 high. I see this as an AMAZING short opportunity as wave 3 must be AT LEAST the same length as wave 1. Which will put us at a minimum of $6100.
If you liked this analysis please follow me on trading view and twitter! I will be doing several TA's per day on bitcoin and major alts. Best of luck and stay safe!