Are we starting new impulsive wave?

Bitcoin has beautifully bounced at 55 EMA for 4 hr chart. Also we can see that it has bounced at the lower line of the channel it has been forming for few weeks. Based on this I am holding two possible scenarios.

The chart above shows my bullish wave counts where we finished our wave 4 and we are starting our wave 5. In this case my first target stands around $10,400~$10,650 and my second target stands around $11,500~$11,800 since bitcoin likes to extend its wave 5. However, I am a little uncertain about this scenario because it rebounded at an awkward region in Fibonacci ratio perspective, between 0.238~0.386. As an Elliott Wave Theory trader, I kind of pursue waves to reach or rebound at specific (at least close) Fibonacci level and this is why I have prepared my bearish count.

My bearish counts would be where we are still on our correction for the wave 3 and the upward movement that happened today is actually wave b. In this case we have to expect wave c which I would believe it will reach $8,100~$8,500 which is 0.238~0.382 retracement level of wave 3.

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Note

Sorry I made a mistake. $8,100~$8,500 would be 0.382~0.5 retracement level of wave 3, not 0.238~0.382.

Tommy_Trader

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Tommy_Trader

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