Hello Everyone,
I gave a bitcoin update a few days ago mapping out the potential path lower before we explode higher into the summer (more on that in another post)
You can read the article here, https://www.publish0x.com/the-infinite-banker/bitcoin-to-20k-ta-market-update-xerewxn
It's a good read and shows you the intermediate waves which I'll be ignoring in this post.
Today bitcoin has come into my buy area below 30k. I do think it's possible to go down to 28k for a short period of time. So if you have been waiting to buy you can start now. If you have 1000$ simply carve out a bottom here. Buy 25-50% now and wait to see if the wave pattern I have charted out works...
Below we have what looks to be a flat correction. 3 Waves down to make minor wave A (yellow) 3 waves up for minor B and for yellow C wave we need 5 waves down as per flat correction guidelines. Currently, we are in minute wave v (red). Within the minute wave v, we will see 5 waves of Minuette degree (not shown). Currently, we are in wave 3 of minuette degree. We should be in the fourth wave of minuette degree shortly and then a final stab down should take place going anywhere from 29-27.5k. Also, it may never break 29k and that is why I suggest carving out a bottom with any new bitcoin or crypto purchase.
Below Instead of candlesticks, I'll show you the exact same chart but in line form to better see the waves unfolding.
You can currently see in the red wave v minute degree that we can see 1,2 and 3 waves down so far... we need to see a minuette 4 and 5th wave to complete this move down which we should see price tag or overthrow the bottom of the channel line...
It will be short-lived however as this whole move is a fourth wave intermediate degree and once complete we should see a move going into the summer with another 5 wave minor degree count.
We just finished a 5 wave move of minor degree bringing bitcoin from 9857 (privately to a friend I called that bottom as well) all the way to 42k. I'm expecting another move very similar to what we seen before bitcoin rests in a primary 4th degree for the summer and then an explosive top going into fall and winter similar to the end of 2017
What to expect in the near term is bitty challenging the lows but should not surpass 27,700 as that is the fourth wave of 2 degrees lower. The guidelines for elliot wave state a 4th degree will travel down to a 4th wave two degrees lower before continuing. We are in that area as of now.
Atm I'm searching coindesk for a negative news article to coincide with my wave count, we should see a very negative article around the end of minute wave v (red), that's will be a clear buy signal.
Why do I look for such an article for my count? It's because elliot waves track social mood and since news is a lagging indicator... the move is mostly done when positive news or negative news comes about at turning points... which we should witness very shortly
My recommendation is to start buying now if you haven't already...(not financial advice)
Buy up to is 40k USD (this will seem cheap soon)
Hope you enjoy and learned a bit of Elliot wave.
Make sure to follow to not miss any actionable advice.
