It pains me to say this but we could be in for 1 more wave down. First off how will we know if this wave count is wrong? If wave 4 breaches into wave 1 which is around 9230. BTC can definately hit 9k still as of now. When btc hits the downward resistance line it will likely be the end of wave 4. If shorting, 9300 seems about right to stop out of short due to what we said about elliot wave theory. The RSI and MACD are both soon to be hitting resistance. On the MACD there looks to be bullish divergence and buying back in when it touches the uptrend line could be a possible plan. Wave 5 could go down to 4500. Supports are 6k, 5k, 4.5k. You can ladder it out how you like but keep in mind to look at RSI, MACD, and volume.
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Could be a good spot to buy in and ride up for a nice scalp before it drops again. Buy in at .78 fib, $6658
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9520 buy is stop. not 9300. Wave 4 can go into 1 but only hit the wick.
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This is the bullish wave count. This is possible and I'm not too sure what will happen. I'm back in but am being cautious.
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Above is called the elliot double combo wave
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I'd recommend get in etc and sell before airdrop if not in already. btc im very iffy about
Thank you for the point of view - it indeed kind of looks rather bearish so far, and one can almost feel an important bulltrap forming before it will retest the previous lows
If this elliot wave is correct, wave 3 can't be the shortest. As of now wave 1 is bigger than wave 3. Therefore wave 5 has to be shorter. Doing FIB extensions shows it. Wave 3 is about roughly 85% of wave 1. So wave 5 at most will drop to $3000 if it hits a little after .78 fib exension. .618 fib extension shows $4500. The FIB retracement shows $4500 for .78 too. If it drops, $4500 has to be the very bottom worst case imo. On top of that the Macd histogram looks like bullish divegence too.
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