Just want to point out that even though I believe BTC has more down side to it, we could still be heading back up to $49k - $50k before another drop. This is not a guarantee but Elliot wave does allow for a run up to $50k and still be in a down trend, so don't be surprised or in other words, don't be fooled by this up coming rally as its just a dead cat bounce or what some might call it, a bull trap. As you can see from this chart BTC did bounced of the .5 fib levels which is normal, the bounce could turn out to be one of two possibilities. Possibility 1: BTC is forming an (abc) wave, where wave (c) is the same length as wave (a), in which case the price target for this rally will peak at around $46200. Possibility 2: BTC is forming and (abc) wave but instead of wave (c) being the same length as wave (a), wave (c)would be extended and be 1.618 the length of the (a) wave in which case the price target would be around $49500
Trade closed: target reached:
BTC hit $49,200 and started to head south. So our price target has been reached, and now a continuation of the down trend is next.