BitcoinShort
BITCOIN Elliott Wave Analysis 04.10.18
Updated
This is a Bitcoin BTC bear scenario up for educational review. Thesis: Bitcoin is going lower & we could be consolidating before another strong motive wave down. This could bring price below 5K. No strong bull indicators for a serious move in the opposite direction & this favors the bear argument. The bull case is that we might be consolidating and there are more confirmed whales trading BTC & other cryptos. I don't think the news leads the charts, so this is a perfect time for them to reveal their interest while BTC media attention and online search is at a major low. We wouldn't want a price spike if we (or our friends) still had short contracts that close in a few weeks. That said, a move above $7500 would change short term counts & = short stop potential area.
-M
Disclaimer: This is not financial advice.
BTC bear scenario up for educational review. Thesis: Bitcoin is going lower & we could be consolidating before another strong motive wave down. This could bring price below 5K. No strong bull indicators for a serious move in the opposite direction & this favors the bear argument. The bull case is that we might be consolidating and there are more confirmed whales trading BTC & other cryptos. I don't think the news leads the charts, so this is a perfect time for them to reveal their interest while BTC media attention and online search is at a major low. We wouldn't want a price spike if we (or our friends) still had short contracts that close in a few weeks. That said, a move above $7500 would change short term counts & = short stop potential area. -M
Disclaimer: This is not financial advice.
Note
My count was right but timing wrong. We hit the target on the chart of around 3k for a local bottom (for now) still not out of the woods that we're going to new ATHs or new lows but mid term we got to this wxy count. cheers
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