Based on JK Channeling Technique, Wave 4 is near the completion as it is currently trading near the upper acceleration channel.
If EW is correct, we'll be placing an initial position 35K Level and full position at 33K which is the break of D wave of the triangle with stop loss at 37.8K
Conservative Target is 23K about 30% downside assuming terminal Wave 5 is...
My initial count of EW was ZigZag but as it unfolds I'm seeing a flat correction.
I'm bullish in Bitcoin but it may need to correct/consolidate its gains from its strong run from H2-Q4 of 2020 with spillover of early 2021.
I'll be placing my shorts on the lower-low at the point of Wave 2 of C.
FOMO on Bitcoin has passed already after making an ATH after breaching the highs of 2017.
Euphoria started when we see Elon Musk started to update his Tweet to Bitcoin and Tesla buying the crypto.
I'm short-term bearish for now that it will retrace around 35-36K Level. If my EW count is correct, we are now at the B Wave of a Zig Zag Correction.
I'm looking to...