Bitcoin
Short

BTC wants a 5th wave

158
After a impulsive move down BTC overextended and bulls bought it back up immediately. 3875 resistance which is also the bottom of wave 1 was rejected. This means that another wave down is likely. However, fifth waves can be shorter and a double bottom or a higher bottom is possible (truncated fifth). My first target is the bottom of the parallel channel & the .61 fib retracement of the leg up. I will be closing half of my position here. If BTC overreacts again the 5th wave could go extended but with all the buying pressure below the channel i dont see that happening very often.

Other possibilities is that we just finished the ABC correction and this is our leg 1 up with more up to come, but i find it difficult to make this scenario work in the current price action.
Another possibility is that the surge upwards was a X leg, which happens inbetween complex corrections. after this usually follows either a triangle or another ABC taking us even lower. The X leg can go to up to 4220 before initiating the next correction. My stop loss is above this level.



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