Analysis shows completed impulse waves in blue and corrective waves in red. Impulse wave in green may be done or may have more to go. Currently, I'd favor that these structures all fit together as one impulse wave down, but too early to rule out more bearish possibilities.
Price action overnight certainly opens the possibility of another leg down that, as a buyer, I would be interested in. If low of 7 Sept holds, then larger corrective structure (off 7 Sept low) in play. Count shown accommodates another leg down.
I see a series of corrective structures after 18 August low. Blue ellipse contains expanded flat that, more than likely, is complete. Bounce off 7 September low (red ellipse) does not look impulsive. Will wait for more price action to provide clarity before entry.
Looking at wave 1 of 5 of A to be complete or near completion. The bounce after completion will be 🔑.
Impulse wave down from ATH of 69k, wave C of wave 4 correction to complete 28-32k, looking for wave 5 to be sub-10k. Wave 3 is shorter than wave 1, so wave 5 would be shorter than wave 3. Wave 5 would complete impulse wave C of expanded flat that started in Feb '21. Analysis invalid if BTCUSD breaks above wave 1 bottom of 32933.33.
Updated count. Looking for bulls to take us to 46-49k before final move below 29k to complete the primary 4 as an ABC expanded flat.
Proposed current EW count, subwave 1 and 2 of final primary wave 5 complete, working on wave 1 of subwave 3. I expect the primary wave 5 to end $8k-10k.
Completed count with technical top, from ATL to ATH, extended fifth wave from March 2020 low, 200% of the move from ATL to year 2000 ATH.
My current BTCUSD EW count. Primary 4th wave complete, 5th wave currently underway.