I did not update my Elliot Waves count since more than a week now, thought it is still valid…
In my opinion BITCOIN has completed a 3rd and a 4th wave, very short this last one but, despite the steady volume I believe we can see the resume of the upwards move soon forming the final 5th wave of the bigger order 3rd wave, something like this:
However, Shorts has been increased substantially and this is something that may indicate a sudden drop before this count becomes a reality.
Actually, SHORTS are in the “super” Oversold area of the RSI which has never been good for its grew. Looking Shorts compared with BTC (in orange below) in the daily, the last big raise of shorts anticipated the deep drop of BTC on November-December last year:
so, I would bet for 50% chances for BTC to go upwards and complete the 5th wave as per my EW Count now… Sorry for not being so optimistic here…In fact, this formation also worries me:
Possibilities and more possibilities… such uncertainty is so much, I would not recommend to put money right now, so risky…instead I would wait to see if the supposed right shoulder becomes a higher high…higher that the supposed “head” (5650 USD), if so, we must be safe and in my first scenario, following the still valid count.
Stop-losses updated following the Neckline.
*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.