BTC seems that has been in a deep correction since November 2021
In Elliot's wave theory, no essential role is played by funtamentals or any other micro or macro economic elements. It is rather the occasion for the baton to change from bulls to bears and vice versa. Thus, BTC, after an impressive wave lengthening run (3), ended up in a rather truncated wave (5) in November 2021 and since then has begun an ABC correction, with wave A ending at 50% fibo and we are at this time, in the progression of wave B.
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It is obvious that a cycle of 5 waves inside wave B has been completed. But this does not mean that wave B has been completed when 50% fibo has just been worn. If so, then we are talking about an acute ABC correction, shorter in time and possibly deeper. In any case, the pair does not lend itself to opening a buy or sell position at this time and until the direction of the correction is clear.
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Bitcoin’s best days seem to be past....
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A short-term upward move to the $28,100 area of 2/(b) is not worth the risk/return as the trend is downward.
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We have to keep in mind the big picture
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If the count is acurate, in case that the invalidation will be broken up, then it's more likely, the green arrow will be the alternative target for the wave (B).
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This scenario prevail if the pair keep going to trade below of 31818. So, this price is crucial.
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update
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Two scenarios for BTC. 1. Red arrows 2. Blue arrows.
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The invalidation of 31.800 no longer exist. So the unfold of wave C of B circled is in progress
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A little beat more higher (40.000 area) before bulls give up to the bears...
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