Friday drop came about a hair length from invalidating my current count. But a strong reversal is keeping it intact still. We do not have a full 5 waves moves up to confirm a wave 1 yet. So, it is possible that Monday might sell off again and invalidate this count. If we lose the minor degree wave 2, then it will mean the Intermediate wave 2 is still on going. It will also mean there will be 2 more waves to complete a five waves move for wave C to the downside. Right now, market will need to prove the bottom, even though I nibbled in again at the low. I have a stop loss right at the $6.4 bottom if market decides to go down for some more. To have any confidence for a real reversal, we need to see price break above $8.24. Markets are very emotional and highly volatile. But Bitcoin is showing something out of character that is more aligned with its ethos rather than acting as a rick on asset. It could be history in the making, but now is too early to tell. If Bitcoin does become the safe haven asset to hide from recession as it was indented to do, then RIOT and other miners will surely benefit from it.
Trade closed: stop reached
This count is invalid now. Will post a recount.
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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.