BTC - in its darkest hour, UPDATED!After a good discussion on the Chart-Attack group (Telegram), thanks to one member Urban V, I'm more convinced of the above possibilities.
What we have in this chart is Grand Wave (impulse) shown in red. In pink is the mini-wave which is forming wave 5 of the grand wave. The pink is scenario A, and you will see a possibility off that in a dark purple, which is scenario B.
Scenario A shows that we have not completed mini-wave 3. We would likely go to the 6k to do a double bottom test, before bouncing (mini-wave 4 to point 4a), likely to the end of mini-wave 1, $7200. It's possible if we do not strictly conform to elliot wave principles that we go into wave 1 territory and test the all-time high trend line 2. From here (higher probability from $7200), we enter mini-wave 5 and can move anywhere in that lower box (ignore date position). It is possible to drop as much as $3200, which would be equal to the size of wave 3 to point 3a. That could bring us to $4k, and there is a support line just below this level, $3,900ish.
Scenario B shows that at $6.6k btc we completed mini-wave 3 (at point 3b), and are now in wave 4b. This could also not conform strictly to elliot wave principles and test the all-time-high trend line at around $8.2k BTC. This would drop us down into the upper box range (ignore date position), and give us a double bottom bounce at 6k. $5.4k is a support level, but reaching this level would be make wave 5b slightly longer than 3b. Too many rules broken, so far less likely in my opinion.
As, only a fool relies on one potential outcome.
Do not rely on this information for investment decisions, this is for educational purposes only.
