We have been in a bear market for a while and the sell pressure has been consistently increasing. General community has started to attribute it all to manipulation but I am not sensing enough despair yet in people's minds - the prime signal for a reversal. Although the water pressure is building - attributed to the subtle volume increasing in every down-leg, underground positive news of BTC such as OTC markets and silent ETF contracts, FUD at at all time high on CNBC is the first bullish divergence (in sentiment) that I am spotting.
My Elliot Wave Count?
My graph shows a very detailed elliot wave count (I have saved you from all the murderous lines) - but what it implies is that we will be heading to the 5.8k-6k region. Due to this being a major confluence point between different time frames, investors are likely to choose a capitulation point to buy in OR slightly above the perceived bounce point, in order to not get priced out.
Fibonacci zones are all confluence at the 5.8, -6.1k regions. As we approach I will be able to deconstruct it more.
Please not that it is fairly obvious we are forming a descending wedge who's apex could take us very low. This low is not likely so the apex must break some point soon.
Targets
Short term target - 6.1k Mid term target (v bearish) - 4.5k
I however think 6.1k will be a triple bottom to the sky