I have had to modify a little bit my EW-count with the last BITCOIN movements which is currently correcting strongly after having reached another new High of the year.A totally expected movement after the explosive rise of the last days to be honest.The following chart was the former one on which I was working on:
Essentially I thought that BITCOIN have finished already the 3rd wave up of the green 5-waves up but seems that, instead of correcting on 4, it just kept moving a little bit erratically sideways and slightly upwards… and that was fine because If I try to divide this 3rd wave in its 5 waves subdivisions the only valid count within that wave asked for that last movement upwards:
So, BITCOIN has touched the expected resistance area at 5464 USD and now seems to correct consistently.Actually, all this rise has put BITCOIN in an extremely overbought condition according to the RSI oscillator so, I am expecting a sustained fall till the range area between 4600/4700 USD where I already set some buy orders around.
The positive reading here is that if BITCOIN, and so the market, manages to keep this count alive the next stop would be to break the massive resistance placed around 6200 USD.
That was the dramatic level from which all the market dropped abruptly on November last year… If BITCOIN manages to break that level I think we can declare already the end of the Bearish market… till then I am afraid we are still in the ACCUMULATION phase and thus additional testing of the current supports and lows will come.
Anyway, we are closer to the end of the BEARS.
Enjoy!
@toofasteddie
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
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