BTCUSD
appears to be entering the final leg of its correction that began in December. Price target in the mid-$8,000s. A strong move above $13,000 would invalidate my current outlook and precede higher prices. As this, in my opinion, should be the final leg down during this correction, I will not be taking any short positions. Opening shorts on the final leg of a correction can end badly if the final leg truncates or if the count is wrong to start with. This is the reason for my neutral investment strategy.
Good luck!
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Updated chart / Wave Count:
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End of wave 4 condition has been fulfilled. The downtrend is likely to resume shortly.
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#Bitcoin continuing to move lower. We are likely now entering into the worst part of the final leg down, Wave 3 of Wave 5 of C. Expect a quick drop from here. This is one analysis that I would prefer being completely wrong about!!!
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Unfortunately, Bitcoin is continuing right along as expected:
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Bitcoin is continuing to drop towards a retest of the lows, as expected. Also, as predicted in the last update, the move to the downside as accelerated into wave 3 of 5 of C.
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Will likely get a small bounce here into wave IV of Wave 5 of C before we head lower again and retest or surpass the $9,200 lows.
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Update: Wave V of 5 of C incoming, the retest of the $9,200 lows could very well take place over night (US EST).