So we're currently in wave B of the Wave 4 correction, which has gone into a rising wedge. This is a bearish formation with bearish breakout likely. The rest of wave C is uncertain. Wedges are messy. Plus it's BTC so anything can happen. Two possible scenarios shown on the chart.
Notes:
- Wave C, leg B - see question marks - is uncertain and not scaled to time. It could go sideways in messy formations indefinitely.
- Orange trend line is long term log-scaled Wave 3 channel high, could be strong support.
I'm 90% out of all crypto, BTC and Alts, until a bottom gets clearer. Virtually all Alt's are acting as BTC betas.
So I decided instead of buying BTC now to snipe Alt lows, I'm staying conservative and waiting for a bottom before buying back in to BTC and Alts. This could all drag out through August and if you add a hard fork to the mix, there's no saying how much further things could dip.
Good luck, trade safe.
Notes:
- Wave C, leg B - see question marks - is uncertain and not scaled to time. It could go sideways in messy formations indefinitely.
- Orange trend line is long term log-scaled Wave 3 channel high, could be strong support.
I'm 90% out of all crypto, BTC and Alts, until a bottom gets clearer. Virtually all Alt's are acting as BTC betas.
So I decided instead of buying BTC now to snipe Alt lows, I'm staying conservative and waiting for a bottom before buying back in to BTC and Alts. This could all drag out through August and if you add a hard fork to the mix, there's no saying how much further things could dip.
Good luck, trade safe.
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Thanks to @RogueDave for spotting the wedge early. He has an excellent Bitstamp chart I basically copied over to my Coinbase chart:
