Looking for BTC bounce around 6k

31 Mar 2018

Please see notes on Chart.

The downward pressure seems to be fading a bit.
Short term EW count looks like minor wave 3 down is starting.
If drops with some speed, it will confirm w3-like behavior.

Target is near double with Feb. 6th around $5,800.
I am not expecting a ''turn'', but a significant bounce.
If it does it 5,800 again, then after a bounce it will surely break.

Longer term I am prepared for 5k or even 3k bottom.
But in the meantime hoping to pick up a few pennies in front of the steam roller :)
So will be placing VERY SMALL trades on dips, with tight stop losses.

Posting this a little before EU markets open.
The EU Bears should find the wave 3 down a juicy bite for breakfast :(

5 Nis 2018

Not

Update: my original EW Count turned out to be premature.

After carefully checking Fib reactions, I have arrived at a new conclusion:


The target is still close, but now 6k might have to give.
The double bottom at 5800 appears to be the BEST to hope for :(
Further Fib extensions of the wave 5 down could point to $5400 or 5k.'

Since we fell below 8k, I have been thinking 5k might be the real bottom, as they are both FIB numbers and previous important price points