Short

BTC 2024 Correction- Gann & Elliott Wave

Updated

Just a post to share. This chart uses GANN (unscaled for this view). Also EW. The rules of EW state that at the 5th wave we drop. As does the Gann Box. Anytime we reach the top or exit- expect large price swings. Right now it appears the top was made with ETF news early Jan 2024 . From there we are in what appears to be a flat correction before a deep pullback. 2024 will absorb most of this correction- with the Halvening proving to be a bull trap bounce as we enter the 2 quarter. The halvening will deliver some profits, but only if you trade at the right time as the correction goes further down. The good news is after this correction has completed, the next wave is going to be bigger than this last one in 2023. So HOLD ya BTC or some may wish to sell now and forever hold your profits. :) Recall previous BTC chart for the Bull run- was relatively accurate, but 100% accurate for the initial moves.

Note

The price limit for a confirming Expanding Correction is 52.3k. Price above this would signal a failure of the largest correction allowed (by rule). Price is over 51k as of this comment, but under the limit and has already wicked down below the limit.

Note

2-14-2024 :Genesis Global Capital has received authorization to offload its stake in Grayscale’s Bitcoin Trust (GBTC), valued at approximately $1.3 billion. Genesis Global Permitted to Liquidate $1.3 Billion in Bitcoin Trust Shares According to Bloomberg, Genesis Global Holdco LLC secured Judge Sean Lane’s approval to liquidate its GBTC investments, currently estimated at $1.3 billion.

Note

Looks like very good action and catalyst for the sell off. This is still going to be IMO a large corrective wave so expect some volatility along the way - ups and downs. The winner will be the bears though in the long term.

Trade active

Weekly candle just closed 6pm. This candle marked the apex of ANOTHER 3-3-5 pattern. We have had 1 on the initial pullback and now we are about to see another, this one set to be as big or bigger than the 1st.

Trade active

1 day left on the 18 day chart. Once this new candle opens, a new solid trend downside will begin. Its already started, but the new candle will define the move.

Moorsc0de

Moorsc0de aka Crypt0nomics aka Zaphkiel

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