The recent sell off is leading me to believe that the recent rise was an ABC correction off the last 5 down. Potentially we could see these continued impulses downwards that become increasingly more vicious until we get a re-test of the new 6k low. Though this count does not get validated until the previous low is broken through.
But in all seriousness, this looks like another 5 down. Im favoring my bearish count to 5 k if the impulse down plays out
This is my alt count if my bull count is wrong. Would not be a fun week or two if this plays out
pay day *not trading advice or financial advice or relationship advice*
Finally some clarity in BTC. This is looking very clearly like a fourth wave to me. We will have a fifth up to 12,250ish in my opinion. Note - Often times people sell their alts to get BTC to sell into USD during corrections. Thats why the prices dip so hard. However the reverse is true on impulses. People buy BTC to get back into alts and alts sky rocket because...
One thing is certain - its forming a bear flag
I'm not sure which direction this will break out in. We are in a short term uptrend so it is more likely to break out upwards in my opinion.
There is a perfectly plausible bullish scenario too that fits with this price action. But since it is in a downtrend I am going to lean to the bear scenario.
Spikes below are fine. Should be headed to around 10k now *not financial advice
Basically the first wave is a messy diagonal followed by a wave 2 down