Hey again
We are currently seeing a minor bounce on the long/mid term support for #BTC.
A break of the previous support discussed will lead a bearish play towards $8,590.
A bounce here however could be the start of a nice Bear Flag.
Meaning yes at the end we will correct, however our bullish target may still be reached.
Currently can cleanly count 5 waves up for our initial Wave One.
And if supports are to hold here 3 waves down for our Wave Two.
THIS IS COMPLETELY INVALIDATED IF WE BREAK DOWN.
A proper bounce here makes sense, being pushed against a major resistance which may break up for a large Wave Three.
Heres a possible chart that may play out if supports are to hold.
Tread Carefully! and here is my other post if you missed it on all my targets:
https://steemit.com/bitcoin/@sourlemonball/btc-usd-round-2
Legal Disclaimer: I have no idea what I'm doing and I'm not telling you to follow me or make investments based on this information, this is just my thoughts and ideas and what ill be following. Happy Trading!!
Great analysis!!
Thanks!!
Interesting analysis, through a different count I've seem to come to a pretty similar conclusion as you. I strongly suspect downward price soon.
Thanks! Yeah i'm thinking we are on the way down, the current bounce is nice but may be short lived.