In this count BTC has completed its wave 4 with a sharp zig zag and is setting up for its 5th.
This count checks a lot of boxes such as:
* wave 4 completes at the .382 and in the price territory of the lower degree 4.
* wave 4 alternates in structure (zig zag vs complex) and in depth (wave 2 shallow, 4 deep)
* the time spent in 4 compared to the time spent in 2 is...
My out look here is that BTC is in the middle of a complex correction.
The expectation here is a 3 wave move down of equal length to the ABC of W. this comes in at the .618 of the last major swing and has a few confluent factors making the level interesting as a target.
LTC has been a lagging behind the rest of the market up till now and if you look at some of the big movers you will see that they started out looking very similar, In fact this chart looks almost identical to ETH which has had a very nice run the last few days.
this may very well be the ground floor for LTC before the coming bull market, and a decent place to...
I couldn't help but notice a nice potential 1/2 on the higher time frame. This makes all the sense in the world if we are heading into the next bull market for crypto, which i do believe we are.
Currently it looks like we are working on wave 1 of the 3rd so i would be expecting a pullback any time now to between the .50 and .618 fib of the wave 1 of 3.
The count I have for XLM has us already done with the wave one and potentially working on the 1/2 of the A.
Its always possible that I have miss read the subdivision of the final 5 and we get another move up but we are close to a top here ether way.
I recommend if you go short here to use a stop above the high. its better to take a small loss and re-enter, than...
My current count has us working on a triangle for the 4th wave. Triangles commonly occur before the final 5 wave move of that degree, so as long as we don't brake down here we can expect one more push higher.
this also suggests that a very decent short opportunity is coming soon but we will cross that bridge when (and if) we get there.
So this is the count I'm going with for now but there's certainly alternate counts, so if i do get a chance to short ill be keeping it small.
The real trade here is to wait and see if we can get down to my buy zone. if we do then we have a great candidate for a larger degree 1/2.
To me this is the line in the sand for the bears. A brake of the high at 7460 would confirm the bullish case in my last idea.
I am personally leaning on this count due to the overall markets being in such a time of uncertainty and i think that the stock market is ready to sell off hard again.
I'm still looking for us to retest the 3800 lows if not make a new one. however i'm trying to stay open to other possibility's an this is the next possible bull count.
I'm sceptical of this count here for too major reasons.
1) being that i don't believe the stock market has bottomed yet, and when it sells off again i think it'll take BTC down with it;
2) i don't...
I think we are close to finishing the B wave of the of the final ABC.
if i'm right then we will have one more 5 wave move down complete the large degree 1/2.
ill have to see how the count unfolds on the last 5 wave move, but once complete we may get the best long opportunity your likely to see for a good while.
be cautious, even the best setups can fail.