BITCOIN - Alternative Count

Previous idea I suggested that recent collapse can signal sideways action before a fall - here is an alternative:


Although the large bearish candle on the 28th is engulfing, we have also seen higher lows and higher highs.

So this recent reversal could be forming a 1,2 1,2 elliott wave.

And this would mean that 2 larger wave 3's could be coming.

This I think would be congruent with my previous fib count; potentially taking BTC up to to 57-61K area.

Other factors:

• BTC has found support and pushed off from the lower trendline yellow and also rides back above the descending blue trendline from the highs.
  
  
• BTC is back above SOW in D which acts as support again.
  
  
• D RSI is forming hidden divergence.
  

This is marginally my preferred account and if it is correct will be good for oversold alts - though the chart needs to reveal more.

And also this is where I think it is important to be flexible as BTC is a very slippery chart.

That said - for me this is a dead cat bounce either way and BTC will see 20K down the road.

Not advice.

Commento:

Notice my charts are both long and short currently. I hope markpmarkets would approve.