Bitcoin Elliott Wave Update - Zeroing in on a target for the end of the correction
It appears that subminuette wave iv may have completed and that we're ready to start subminuette wave v.
As @vimukthi pointed out, it appears a head an shoulders continuation pattern is developing. The target for this H&S is $2889. This would coincide with a 61.8% retracement of intermediate wave (1) and also an extended wave v, both of which I mentioned in my previous post. The evidence is definitely mounting for this level to be the termination of the correction.
If you have any thoughts or questions about this wave count or elliott wave in general, please post them in the comments.
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Thanks a lot for mentioning me. I'm currently HODLing my BTC short and I expect to close it near $3000 (shouldn't be too greedy. I'm on 5 times leverage)
Thank you for pointing out the h&s.
Keep in mind the short term wave count invalidation level of $3848.35. If prices break that level to the upside, we'll know that our count is not valid and we'll need to re evaluate things to see what might be in store.
It's always important to know where you're wrong and get out to minimize loses so you can move on to the next trade :)
That's why I have a BTC/USD tab opened till I close the trade. You can never be too careful.
Absolutely! This trade is looking good so far though! :)