Cofr4x_

Cofr4x_

This week we saw a quick and harsh selloff in the crypto markets, paired with a consistent move down across the stock markets. We also see a spike in the VIX which shows an increase in volatility, however all of those signs are only short term moves as of right now. The move itself was very predictable and a great short trade, the main question now is if this was...

Cofr4x_

Current move looks corrective and might get a rejection at the golden pocket.

Cofr4x_ Updated 

Here is a very plausible bullish option for Bitcoin which would also align with the bullish Ethereum count. We might take out the low and get support at 31.5-32k (cluster of several supports) and bounce from there.

Cofr4x_

A comparison of corrections for Gold and Btc, Gold as a less volatile and slower market takes around 8-12 times longer for the duration of submoves and also the bigger move. Similar steps are made, for example a few lows at a certain support before the 4th one breaks it and 2 more follow (for Gold). So far Btc follows a similar trend in terms of duration (if you...

Cofr4x_

This is meant as a look at similar structures and timings of the 2018 and 2021 corrections. It cant tell us the future 100% of course, but it can serve as a blueprint and show us how things have unfolded and are unfolding again, which increases the chances of a similar outcome.

Cofr4x_

This is the primary count for the total crypto market cap. We can see it has a similar wave count to Ethereum.

Cofr4x_ Updated 

Basically the contrary argument to my bearish count, so far both are possible and there are some other options as well, we need to break some key levels to get more confirmations for either scenario and to rule out another.

Cofr4x_ Updated 

Assuming our move from the low at 28800 was an ABC, which has some evidence supporting it, we might head towards a lower target in the near future.

Cofr4x_ Updated 

Compared to Btc, Eth has developed a nice structure which looks promising, although its important to mention that if Btc continues to the bearish side then Eth will also be affected. For the moment Ethereum hit the targets it should and there is potential for more upside (again depending on Btc), However we could be really close to a corrective move which still...

Cofr4x_ Updated 

Assuming BTC develops its bearish tendency and Ethereum not just correcting but also developing and impulse to the downside, we could look at it as an ABC corrective pattern, with the extended C wave being an ending diagonal.

Cofr4x_

If we assume we already finished our corrective move to the upside we could expect to be in the final move to the downside already, this would mean we wont hold this trendline ( depending on where you draw it) and drop to our next support levels and break them 1by1. Also several Indicators would support such an outcome

Cofr4x_

Here is a potential bearish scenario for Bitcoin