BTC/USD
Locally, I'm looking for upside in Bitcoin but my bias has strongly shifted towards the upside being limited. The bullish case for Bitcoin has gotten a lot weaker after the most recent sell off, with momentum on the 8 hour, 12 hour, and daily breaking under bearish control at a moment where it is absolutely necessary for the bulls to apply upward pressure. The bullish argument is not invalidated completely until a break below $9,000. However, I would feel fairly confident in saying that what we have seen over the last few months is corrective price action and that we will continue to see corrective price action going forward.
If we have seen the top, then I would feel most confident in my triangle count targeting $5,500 - $7,200. It has followed along nicely with it so far and after the trend on the daily timeframe broke bearish, much more strength has been added to this possibility. If we continue up, I expect the upside to be limited to the 1:1 extension at $13,600. In my opinion, any bullish targets can just about be thrown out the window until we actually see some strength from the bullish side of the market.
In order for this to be a bullish impulse, this needs to be a 2nd wave correction within the sub-count of the 3rd wave. For a 2nd wave to retrace nearly 78% is almost unheard of in any bull market - 2nd waves will typically retrace 23% or 38% for a deeper pullback. In order for the price to have done this in such a rapid fashion, the bulling buying pressure would have to be non-existent.
But upside is not finished, we will at least see a retrace, if not continue slightly higher. But any movement toward the upside should be corrective. Locally I am expecting to see price targeting $10,550 - $10,800 before either a retrace, followed by continuation higher, or continuation lower targeting much deeper targets.
If we have seen the top, then I would feel most confident in my triangle count targeting $5,500 - $7,200. It has followed along nicely with it so far and after the trend on the daily timeframe broke bearish, much more strength has been added to this possibility. If we continue up, I expect the upside to be limited to the 1:1 extension at $13,600. In my opinion, any bullish targets can just about be thrown out the window until we actually see some strength from the bullish side of the market.
In order for this to be a bullish impulse, this needs to be a 2nd wave correction within the sub-count of the 3rd wave. For a 2nd wave to retrace nearly 78% is almost unheard of in any bull market - 2nd waves will typically retrace 23% or 38% for a deeper pullback. In order for the price to have done this in such a rapid fashion, the bulling buying pressure would have to be non-existent.
But upside is not finished, we will at least see a retrace, if not continue slightly higher. But any movement toward the upside should be corrective. Locally I am expecting to see price targeting $10,550 - $10,800 before either a retrace, followed by continuation higher, or continuation lower targeting much deeper targets.
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