This is really just an update to my previous BTC/USD post. This last move down looks more like a 5 for a C within (iii). This may take some weeks to complete. If the gray count is playing out, it could reach the $5000-4500 area. $65000 would be my first target, with higher numbers possible. Cryptos trade like nothing else, extreme and logarithmically.
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BTCUSDSHORTS are approaching an extreme...another indication of a bottom that is nearing. If you look at BTCUSDSHORTS and the extremes on the daily chart, most were on the opposite of the trade, short when they should have been long and vice versa.
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BTCUSDSHORTS are now vertical. We may only require one more up-down for a new low past $5755 for completion of the VERY LARGE Ending Diagonal. We are probably in the first wave of three up for b.
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BTCUSDSHORTS are now approaching an extreme low, expecting a top of wave b soon....short to slightly above our low at $5755, then EXTREMELY LONG!!!! A new low could complete this Ending Diagonal.
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I suspect we have just started the final c wave down for a new low just past $5755....wave (v). This still could take us closer to the end of the month. Don't be caught short at the bottom.
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We are nearing an all-time high of BTCUSDSHORTS....the number of open short positions. We still require a new low past $5755 to complete the ED. We should be in wave c of (v), although time-shifted.