Bitcoin is still in a downtrend of lower highs and lower lows on the daily chart. It appears to be an ABCDE flag pattern. At this point there is a strong possibility of at least testing for a double bottom at the C point low within the 61.8 - 78.6 retracement zone, and depending on how the market reacts on the double bottom test it could go lower to a 75% projection as labelled with 100% projection as a worst case scenario.
We need to see the market break up out of the triangle as well as the macd resistance, in impulsive fashion in order to shift our perspectives toward the bullish side of things, however as it stands now this does appear to be in a bear market.
We need to see the market break up out of the triangle as well as the macd resistance, in impulsive fashion in order to shift our perspectives toward the bullish side of things, however as it stands now this does appear to be in a bear market.
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Forgot to add, If the market can breakout above the D point before making a lower low E point it will shift my perspective.
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6k "support" is highly likely to get sliced in this environment and head to 3k zone. Sentiment is in the toilet and there are no signs of slowing things down on the downside. Stay safe.
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Note: 3k apex happens around late May / early June.
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- updated chart
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Decent rally over the last few days have invigorated some bulls, however it simply appears to be a bear market rally unless it can impulsively break out over the D leg highs. Still maintain my bearish bias on the daily timeframe.
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did somebody say bear market rally?
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no change to the count. likely to have our double bottom test soon with a bounce thereafter, followed by lower lows.
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havent posted an update in a while. so here it is. ive moved my yellow 2 down this looks better. 3k target still on tap.
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recent rally looks like a short covering rally to these eyes. some key overhead levels will have to be broken to the upside impulsively for me to shift my perspective to bullish. Until then i maintain my bearish bias of lower lows.
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My count is real close to being violated big time. If BTC continues to rally I will have to abandon this count and adopt NotGemini's count as I do not believe this primary wave 4 is finished to the downside. Evil Mr market could ruin peoples lives forever with a b wave trap in the 10-14k zone.
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call me crazy but maybe this count isn't entirely dead yet.
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Bitcoin stopped dead in its track at the 10k level. If it continues to get rejected here this count could still be valid as the daily would still be a stair step down of lower highs and lower lows.
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this bear doesn't look done yet folks.
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another possible scenario.