Seeing this whole recent move of BTC as a failed 5th wave up and currently in an ABC correction down, the failed 5th wave makes it an X wave in a WXYXZ correction of the primary count, therefore we are now in the Z leg down where we hopefully finish the correction and finally bounce to the upside. The question remains where this bounce will be, for now I have hopes that it will be in the 8100-7500 area, but it could go to 6666 as well...the uptrend would still be intact!
Trade closed: target reached:
Pretty much nailed the targets, but I'm not convinced that the dip is over yet, we have a nice little bounce above 8k right now, but something tells me that this is not over yet, bull-trap and short squeeze for all the noobs that shorted way too late...maybe to 8400-8600, then back down again, how far you ask? Stops at around 7500 again, then 7100, then 6800 and eventually 6600 with the potential to quickly dip down to 6k or lower when panic sets in but that I expect to bounce very quickly, like last time back to around 6600.