The chart is a bit of a mess due to the number of fibonacci extension lines. Take note that my primary count is that Bitcoin will go down. This has a fundamental bias as I have been advocating that it has turned into a dangerous hype, a mania. Look, it doesn't matter if Bitcoin really does serve a function or not, mania doesn't bother itself with it.
However, a good Elliott Waver always have an alternate count and that is where the light purple line show. I will be validated on the primary count when Bitcoin breaks new low and invalidated (i.e. activate the alternate count) when the recent high is breached. For now, the bet is to short Bitcoin (or since it can't be shorted, sell off the holdings).
However, a good Elliott Waver always have an alternate count and that is where the light purple line show. I will be validated on the primary count when Bitcoin breaks new low and invalidated (i.e. activate the alternate count) when the recent high is breached. For now, the bet is to short Bitcoin (or since it can't be shorted, sell off the holdings).
Commento:
I would like to mention a very crucial information here: that wave (1) for alternate count (or wave (4) for primary count) unfolds in 5 waves and thus alternate count is actually a very valid count. However, it doesn't change the short term outlook that Bitcoin is projected to fall until $6219. I will update as prices unfolds.
Commento:
Bitcoin almost hit my "realistic price target" when it fell to $7000. However, without actually breaking any critical prices up or down, we still have to maintain BOTH the primary and alternate count. This means that I will not touch Bitcoin until the price tells me very clearly where it wants to go.
Trade chiuso: obiettivo raggiunto:
Price almost hit my target before a reversal but doesn't matter. Bitcoin is now a long. Please see my latest idea on Bitcoin.
