Looking for BTC bounce around 6k
Please see notes on Chart.
The downward pressure seems to be fading a bit.
Short term EW count looks like minor wave 3 down is starting.
If drops with some speed, it will confirm w3-like behavior.
Target is near double with Feb. 6th around $5,800.
I am not expecting a ''turn'', but a significant bounce.
If it does it 5,800 again, then after a bounce it will surely break.
Longer term I am prepared for 5k or even 3k bottom.
But in the meantime hoping to pick up a few pennies in front of the steam roller :)
So will be placing VERY SMALL trades on dips, with tight stop losses.
Posting this a little before EU markets open.
The EU Bears should find the wave 3 down a juicy bite for breakfast :(
The downward pressure seems to be fading a bit.
Short term EW count looks like minor wave 3 down is starting.
If drops with some speed, it will confirm w3-like behavior.
Target is near double with Feb. 6th around $5,800.
I am not expecting a ''turn'', but a significant bounce.
If it does it 5,800 again, then after a bounce it will surely break.
Longer term I am prepared for 5k or even 3k bottom.
But in the meantime hoping to pick up a few pennies in front of the steam roller :)
So will be placing VERY SMALL trades on dips, with tight stop losses.
Posting this a little before EU markets open.
The EU Bears should find the wave 3 down a juicy bite for breakfast :(
Note
Update: my original EW Count turned out to be premature.After carefully checking Fib reactions, I have arrived at a new conclusion:
The target is still close, but now 6k might have to give.
The double bottom at 5800 appears to be the BEST to hope for :(
Further Fib extensions of the wave 5 down could point to $5400 or 5k.'
Since we fell below 8k, I have been thinking 5k might be the real bottom, as they are both FIB numbers and previous important price points
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.