BTCUSD
To me, the recent $3,000 USD rally on Bitcoin on Friday and Saturday of this week could be a Bull Trap. Yes, it is true that we rally strong with big volume form oversold levels, but we are missing follow through, we are already down $1,200 USD from previous highs, and we failed to take out critical resistance of $11,00 USD. If we go above $11,000 USD on Bitcoin, then you can say the bottom is in, but not before.
We still have a declining triangle that broke down with a price target of about $5,000 USD, and we are still below the bottom of the triangle of about $9,300 USD.
Furthermore, we just confirmed a Death Cross, where the 50 day moving average crosses below the 200 day moving average. www.investopedia.com...rms/d/deathcross.asp I personally don’t pay too much attention to that indicator, but it is typically supposed to be very bearish.
I’m also presenting here my Elliott Wave Count, where we are currently in intermediate wave 2 down in the new Bitcoin Bull Market that started in December last year. Intermediate wave 2 down is developing as a complex W,X,Y pattern, of which we had already trace wave W,X and we are currently tracing wave Y. Wave Y is developing as an ABC zigzag to the downside, which we had already trace waves A and B, and we are just starting wave C to the downside, which should develop as a 5 wave impulse throughout the end of November with a price target of about or near $5,000 USD.
The invalidating point is the $11,000 USD mark, if we go above that level, that will mean that the bottom is in.
Also, if Bitcoin goes down, I will also expect most Altcoins to go down as well with it.
Will see what happens.
Good Luck in your Decisions
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