Bitcoin Elliott Wave Update - short term bounce before the bear continues
It looks like we're in the middle of a short term bounce that is sub-minuette wave iv. Wave ii was a shallow retracement. Given Elliott's alternation guideline, I'm expecting this to be a sharp retracement. A 61.8% retracement would take us back near the $3674 level for the completion of sub-minuette wave iv. From there, given this count, we can expect another sharp move to the downside to complete sub-minuette wave v as well as minuette wave (iii).
A rally above $3720 would invalidate this count.
If you have any thoughts or questions about this wave count or elliott wave in general, please post them in the comments.
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We won't see $3700 or above the next 24 hours
Given the current wave count, I agree. If we see prices go above $3720, then we know this count needs to be revised :)
That said, I do think a sharp retracement is in order. Since the market tries to hurt the most people, if we get a sharp upward retracement, many will jump back on the bull wagon, thinking we've hit bottom, only to get crushed in the next down swing.
This is so true. I have learned to be patient with it. Nothing goes down or up straight. I see so many people in forums saying buy now buy now just to burn others. Happens all the time. I think we will see lower lows now. if more exchanges decide to shut down in china it will add to the lows.
I've seen that too.
I couldn't agree more on patience. That is one great thing about Elliott Wave... it gets you in the habit of anticipating the next move instead of chasing the current one.