Well, well, well .... just as I gave up on wave 4, here we are. At this point we've reached the all time high trend line and we are hitting a key Fib. Are we all wrong (oh yes, many have changed their tunes now after calling a 4k, 3k, 2k, 1k bottom). Wall street always wins, remember that. They want your money, so they do what's worst for you. Short you say, stay in cash you say? That must have hurt. I'm not trying to be funny guys, but we need to wake up.
So where will it go now, as the BTC world turns to bullish euphoria? What will wall street do. It could go up, yes ... but at some point it will drop. The question is when. I don't know that, and it is clear most traders don't either. All I can say, according to the past, is what I think is key to determine sentiment and where I think it can go. At this stage, if we have topped out on wave 4 now, and EW theory holds true (although we already broke some principles), then the bottom in the mid term is estimated to be as low as 5.4k. It can bounce at 6k too!
Anyhow, too many times I've been hypnotized by all the green, and then caught in a blood bath the next day. Not today, I'm starting to cash out and lock in my profits. Maybe I'm wrong ... but I'm very confident about one thing ... wall street always win. I'll be ready, either way they take it!
Remember only a fool relies on one outcome.
Do not use this for investment decisions. For educational purposes only.
Your waves are whacked. If you have 12345 coming down from 19k, then what was the wave going up? Likely the wave going up to 19k would have been a 12345, that means it would have been followed by an ABC down.
Plus your wave 4 crosses into wave 1, which is breaks Elliott wave rules.
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@alexyeoh, yes you are right wave 4 goes into wave 1, but with so much manipulation on BTC, I wouldn't think it's impossible. But the real reason I accept wave 4 going into 1, well wave 1 had a ridiculously long wick, it was a flash drop if you recall, taking out soooooo many longs on liquidation, more than most expected. If you exclude the wick, then wave 4 in fact doesn't go into wave 1, which is why I drew the dashed line going left of wave 4. You're definitely not the first to bring the ABC correction to my attention, and this has been debated on numerous occasions, with many pro traders still believing this is a bearish impulse wave down (not an ABC), but to be honest, IT DOESN'T MATTER. What matters is what's going on now. If this is an ABC, the A would be 20k to 6k, B would be my wave 4 and C would be my wave 5.
And also, are you saying it's impossible to go from an impulse up to 19.7k and then into an impulse down?? I don't think so, not with a correction like we're having now.
Plus your wave 4 crosses into wave 1, which is breaks Elliott wave rules.