The Smaller Picture [30M]
Updated
My wave-count currently leads me to the conclusion that we are in the last wave 5 down towards 7500-7200, but if panic sets in, we could easily extend to even 6800 before any significant bounce. But there comes the catch, this "bounce" will just be wave 4 from the higher level count, meaning we go up, maybe to 8500 - 8800, maybe even 9200 (I don't think so), but then we have to brace for impact because the last leg down of the larger degree wavecount would take us at least to the 6100 level if not lower. The main issue here would not be the price, 6100 or even 5000 is still a pretty decent price for BTC, but people are emotional and will panic sell the s*** that bottom and could drive the price even lower...If that support around 6k holds or not is impossible to tell at the time and depends a lot on how wave 4 and 5 are gonna look and how the market sentiment develops. But for now, let's catch the next bounce! #BTFD
Note
Until now pretty spot on, let's see if we can already bounce or if we need to go lower before, bullish momentum does not look very strong at the moment.Note
Target zone bottom hit perfectly, now I expect it to bounce, the question is how far, then another wave down is waiting to probably re-test the 6k area.
Related publications
Disclaimer
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.