BTC Possible Scenarios
Updated
So we're currently in wave B of the Wave 4 correction, which has gone into a rising wedge. This is a bearish formation with bearish breakout likely. The rest of wave C is uncertain. Wedges are messy. Plus it's BTC so anything can happen. Two possible scenarios shown on the chart.
Notes:
- Wave C, leg B - see question marks - is uncertain and not scaled to time. It could go sideways in messy formations indefinitely.
- Orange trend line is long term log-scaled Wave 3 channel high, could be strong support.
I'm 90% out of all crypto, BTC and Alts, until a bottom gets clearer. Virtually all Alt's are acting as BTC betas.
So I decided instead of buying BTC now to snipe Alt lows, I'm staying conservative and waiting for a bottom before buying back in to BTC and Alts. This could all drag out through August and if you add a hard fork to the mix, there's no saying how much further things could dip.
Good luck, trade safe.
Notes:
- Wave C, leg B - see question marks - is uncertain and not scaled to time. It could go sideways in messy formations indefinitely.
- Orange trend line is long term log-scaled Wave 3 channel high, could be strong support.
I'm 90% out of all crypto, BTC and Alts, until a bottom gets clearer. Virtually all Alt's are acting as BTC betas.
So I decided instead of buying BTC now to snipe Alt lows, I'm staying conservative and waiting for a bottom before buying back in to BTC and Alts. This could all drag out through August and if you add a hard fork to the mix, there's no saying how much further things could dip.
Good luck, trade safe.
Note
Thanks to RogueDave for spotting the wedge early. He has an excellent Bitstamp chart I basically copied over to my Coinbase chart:
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