Bearish Bitcoin wave count post-Aug 1st
Updated
A bearish wave count recorded here - merely "for the record" - based on the textbook 5-wave impulse that declined from near the all-time high.
Taking the initial wave as a fractal for what is to follow, then $2000 is a target.
If this bearish wave count is incorrect and advance unfolds then another chart will be published. However, the failure by the market to push to a new all-time high on the determined buying into Aug 1 probably shows that everyone who was going to buy had bought and that some profit-taking or allocation re-balancing is due.
Taking the initial wave as a fractal for what is to follow, then $2000 is a target.
If this bearish wave count is incorrect and advance unfolds then another chart will be published. However, the failure by the market to push to a new all-time high on the determined buying into Aug 1 probably shows that everyone who was going to buy had bought and that some profit-taking or allocation re-balancing is due.
Comment
Hit "Resize" (lower center of chart) to see the wave count from the Aug 1st top
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