BTC - Not the time to be bearish
As you'll see from my previous charts, I've been bearish since the 31s and been waiting for the current levels for reversal (the internal pullbacks didn't exactly happen as I thought, but bounce levels gave good reactions for smaller time frame trades).
Most alts already have hit my targets or are about to hit, and Bitcoin is approaching an area full of support. Now, one can say there are good reasons to go down till the 18s and I wouldn't disagree, but IMO, these levels will give a good reaction, or at least will hold for some time to reevaluate the idea.
As I mentioned over and over, EW is not my strongest skill set but I combine it with volume and price action and these are the levels I see that should hold if we're going to have a new high in the coming months. The move down looks like a 3-wave move than an impulse, which means it can be a WXY (for 2/B), or it can just be W (of WXY, WXYXZ). Hence, the targets are unclear to me: We can do LH (28-29s)>HL (18s)>New Highs, LH into new lows, or a new high. Either case, I'm expecting choppy PA as we have done since 15k and will play it level to level till 28-29 and will see what happens there.
Most alts already have hit my targets or are about to hit, and Bitcoin is approaching an area full of support. Now, one can say there are good reasons to go down till the 18s and I wouldn't disagree, but IMO, these levels will give a good reaction, or at least will hold for some time to reevaluate the idea.
As I mentioned over and over, EW is not my strongest skill set but I combine it with volume and price action and these are the levels I see that should hold if we're going to have a new high in the coming months. The move down looks like a 3-wave move than an impulse, which means it can be a WXY (for 2/B), or it can just be W (of WXY, WXYXZ). Hence, the targets are unclear to me: We can do LH (28-29s)>HL (18s)>New Highs, LH into new lows, or a new high. Either case, I'm expecting choppy PA as we have done since 15k and will play it level to level till 28-29 and will see what happens there.
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