To be honest i was expecting this to touch 7.5k or 8k before a serious bounce, but "someone" else with a much bigger wallet and brain capacity was expecting it also and he decided to play along just a little more.
Seems like it has already started while i was working on this, oh well, better late than never...
Bitcoin, is approaching the first target, this is a potential bounce area, but im not sure about reversal. I have a slight alternative count of the main idea but it points on the same targets. Either way, temporary bounce or reversal, i will post a new idea once i got enough validation points for each scenario.
I will still wait for the count invalidation and retracement tho...
This chart is on Finex, which leads most of the times...
I think that we have 5 waves up, so this might be the top for now. New update or idea tomorrow, once this settles and we have a more clear picture.
Alts "moon'd" during this period, profit went to btc and now slowly to fiat.
My bias is that we will see a lower low, but not far away from the local one during the next 2-3 days.
Bigger XZ can be also counted as 1-2 since it doesnt make a lower low. The target for the smaller X is just a guess according to the current data. If we hit 10k, this count is invalid and we have bullish confirmation.
Back to the wedge, Bitcoin.
Probably this is why we cant agree on a reasonable EW count on this drop.
This should retrace sooner or later, anywhere between 7.6k - 8k makes its short term bullish with a target of 9.5k - 10k , later on.
And this is how it looks now:
I didnt posted them here because the post would be too long and it was a high risk trade. I was thinking of posting intraday updates with my thoughs on twitter, but they were pretty hostile last time. LOL!
I may give steem.it a shot if there is enough interest.
"fibs dont lie" - Shakira
Thanks so much again!
Enjoying your BTC updates. Can't believe you've only been doing this less than a year (right?). Amazing.
Its the Schiff variation. Blue line is just a polyline for a potential cup and handle pattern. The lines on the pitchfork are .618 and 1.
You'll be an absolute beast in 12 months lol.
Thanks so much again. Learning alot from your posts.