We are moving through what appears to be a correction wave B which will likely trade within $4800 - $4900. BTC will then trade sideways through to wave E, allowing many alts to perform similarly or better. I should note that Wave E may see us testing the breakout level once again as the data supports this possibility rather than forming a triangle and moving up as some other coins do. I am still very bullish on BTC, but caution opening long trades at this time.
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The bullish divergence on the RSI might finally stop the bloodletting.
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I am expecting a rally in the coming days to complete wave B ($4800-$4900). Due to the fact that we breached the breakout level, wave E will most likely test the red zone in my chart.
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WELL... looks like reaching the $5000 area was enough of a barrier to halt wave 5 of the sub-wave 5 within the larger wave three structure (at least that is my count on my chart). Wider changes in the crypto enviornment coming from Asia could also be contributing to the bloodletting. I am expecting the pullback to breach the red zone in my chart as we are forming a deep A - E correction. We may bounce off the 0.618 of the overall wave three structure (I will update more on this later). But for now, that level is $3775. I hope you are now out of this market.
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ATTENTION PLEASE. BTC trend line broken. This will impact the entire crypto market.
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New thread and pattern:
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