Bullish on Bitcoin? Please think twice...

Earlier today, we have shared on our Twitter feed, that it’s really hard to be bullish at the moment. Let’s discuss why. 

First and foremost, we want to point out that bear markets often take much longer than the average person thinks. We are very skeptical about the many reports in which 'top traders' or 'experts' state that we have hit the bottom. Our Elliott Wave count seems to confirm our feeling. 

Since July 2018, we are working on the third and final wave of the decline. However, we can only count four clear waves and, as you know, an impulsive movement must always consist of 5 waves. This is the reason why we are so skeptical about a possible bottom. In addition, it often happens that a second wave retraced to 85.4% of wave one. This means that we could see a decrease to $ 2871. It is no coincidence that there was a reasonable amount of bottom formation here in the past. A decline to this point would make us very happy and that is also the moment when we go all-in again. 

We are pretty sure of our Elliott Wave count so further explanation isn't necessary at this point. Only a move above $4190 would change our opinion. And you know what they say: "A picture is worth a thousand words". 

Happy hunting! 

PS: Please don't hesitate to tweet us about your questions! We're always at your service. 

https://twitter.com/AskLunarExpress

https://www.tradingview.com/u/LunarExpress/

@automation @cleverbot