Road to sub $6000?
Updated
Let me just start off by saying I am a complete amateur who has no real money invested in cryptocurrencies, forex and stocks. I'm just doing this for fun and learning purposes so what you see here might be complete BS.
I highly doubt we're gonna be going since I believe we're still a correction from the mid 2019 year mini-bullrun. The correction has yet to enter Wave 1 territory in the Elliott count. I believe coming closer to year end to early next year, we should finish the corrective cycle based on the Fib time zone and confluences of the Schiff pitchfork and support lines.
I highly doubt we're gonna be going since I believe we're still a correction from the mid 2019 year mini-bullrun. The correction has yet to enter Wave 1 territory in the Elliott count. I believe coming closer to year end to early next year, we should finish the corrective cycle based on the Fib time zone and confluences of the Schiff pitchfork and support lines.
Note
So I've definitely learnt from this mistake. First off, my Elliott wave correction statement was incorrect. It typically corrects in Wave 4 territory. What I should've done was change my chart from linear to log. Using the same pitch Schiff pitchfork, I would've seen that we were at the bottom of the channel. Double bottom coupled with the RSI convergence was a clear bull signal. A target at the lower 0.5 line would've sufficed. The log scale makes a huge difference.
Additionally, from changing my chart to log, I see we're still at the 0.618 level of the correction of the bull run from earlier in the year. I suppose that this might be the completion of Waves 1 and 2 of a possible bull-run.
Note
I no longer think we'll be heading to below $6,000 based on a larger scale analysis
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