The 2 BTC Scenarios You Should Be Looking At
Updated
I have been looking at 2 scenarios in this market.
1: The bullish count: As we saw the (a) wave did an ABC pattern, which a must for an A. Then the B proceeded to make 5 waves down and bounce of the 0.618 fib which does make it look like an ending to the correction. Then we had a wave 1 in play, proceeded by a wave 2 down. So our wave 2 has not yet gone below wave 1 territory. Which makes the bullish count very much valid.
2: Bearish count: We do seem to be developing a wedge. Which could lead us onto a retrace to about 8500-8700. Then followed by a wave 5 to 6300-6400.
I am i to take a side it would be the bullish one, as i see more signs to it. Also i do not typically like the wedge formations, as they are for the most part inconsistent. In any way we should be seeing a correction to 8600. So a 7400-7500 long would be ideal.
1: The bullish count: As we saw the (a) wave did an ABC pattern, which a must for an A. Then the B proceeded to make 5 waves down and bounce of the 0.618 fib which does make it look like an ending to the correction. Then we had a wave 1 in play, proceeded by a wave 2 down. So our wave 2 has not yet gone below wave 1 territory. Which makes the bullish count very much valid.
2: Bearish count: We do seem to be developing a wedge. Which could lead us onto a retrace to about 8500-8700. Then followed by a wave 5 to 6300-6400.
I am i to take a side it would be the bullish one, as i see more signs to it. Also i do not typically like the wedge formations, as they are for the most part inconsistent. In any way we should be seeing a correction to 8600. So a 7400-7500 long would be ideal.
Note
The (e) i mentioned previously on the bearish count is finalized. I do think that we will get a pump from here. 
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.