BTC EWT Analysis
Updated
I am still very neutral, with a small bias toward a bearish outcome, unless my "Invalidation" line is breached. If we look at the past and current "bull runs" (prior to a major sell off), we can see that the "impulses" look very 3 wave-ish. This is typically indicative of a corrective phase, not an impulsive move up. Unless the current move breaches the invalidation line, we can only conclude that it's also still in a possible state of correction, as it has failed to make a "5 wave" move up thus far. The daily volume also continues to descend and has taken on the appearance of a bearish flag.
We can also see that there is conflunece for the .618 retracement for the larger degree Wave 3 and .618 ext. of the smaller degree Wave C (relative to Wave A).
Another thing to note is that the current move up looks like very similar to the major one prior to this. They could very well be fractals.
For me to switch to full bull mode, we need to breach my Invalidation line and volume needs to pick up. Otherwise, I am anticipating a possible major sell off.
We can also see that there is conflunece for the .618 retracement for the larger degree Wave 3 and .618 ext. of the smaller degree Wave C (relative to Wave A).
Another thing to note is that the current move up looks like very similar to the major one prior to this. They could very well be fractals.
For me to switch to full bull mode, we need to breach my Invalidation line and volume needs to pick up. Otherwise, I am anticipating a possible major sell off.
Note
Here is also a nice set of potential fractals that my buddy pointed out.
Fractals, in my experience, almost always come in sets of 3. Small, medium, and large. This set of fractals would adehre to said guidelines perfectly.
Trade active
Scaling up my shorts til $10,000. Stop loss is set around $10,300.
Note
Each bulltrap has had a similar # of point increase before the major sell off. This case is no different.
Note
Closer look at a possible subwave pathway.
Order cancelled
Count invalidated.
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