BTC Alternate Elliott Wave Count After Weak Dump
Updated
Thought I would share my alternate count after the weak dump/follow through from the bears. In this scenario, we will assume the C of the final ABC is not yet complete. BTC and ETH dumped on cue yesterday after a fadeout high but the breakdown was ultimately rejected by the trend line at 3925 which caused me to close my ETH short with an underwhelming 3 percent profit. Ultimately my end target for this bear market will remain the same at ~$1800 but I will continue to play the cards that are handed to me. It's important to not get too caught up in what you want the market to do and instead, let the market do what it will and react accordingly. If you stay vigilant you will always see the dealers hand before its too late to place your bets. In this scenario, our final target for the C wave will be 4400, which correlates with the last swing high before the ABC and is also a 1:1 extension of the A wave. We also hit a perfect 1:1 extension on the final ABC of the '14-15 bear market before capitulating. For my model of this I went ahead and pasted what followed after the ABC was complete in '15 to visualize what should happen next if we go ahead and break this resistance and move up. I'll try to update my bias when some sort of confirmation comes along. Any breach of the bottom trend line should be it for the bulls and any new highs made by Eth should signal the pump. If you guys haven't noticed, Eth has been a great leading indicator in pivotal moments like these. (180 will be my target for Eth if this is the route we go).
Note
Note
Here is your immediate bearish targets should we break the trendline (green) with volume. Momentum is pretty much equal on the six hour bodies (pink TL) until the last sub up. an impulse down almost guarantees a quick trip to the 1:1 support which is confluent to the diagonal support from previous two primary lows.
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