Possible Count: Clearly the Correction was NOT Complete
Well, I asked if the correction was over yesterday and Bitcoin never broke the 8150 to prove that it was. In fact, it continued down to new lows for the current leg. The entire movement has made me reassess where we are in a count. This seems to make the most sense as a major ABC movement. At this time, we remain in the C wave and I expect we head down to other new levels. I fully admit that this could be the wrong count and personally believe that we would find support way above the lowest highlighted support level if it IS the right count.
WAIT FOR SIGNS OF REVERSAL BEFORE ENTERING LONG
Support levels are highlighted in green at the right:
6000 or 7240: We should consider a double bottom possibility at these locations
6952-7599: This is the golden pocket retracement based on a Fibonacci retracement of the entire movement up from the beginning of Bitcoin
4257: This is the .786 retracement based on a Fibonacci retracement of the entire movement up from the beginning of Bitcoin
2018: This is a 1.618 extension of subwaves 1/2 of the C wave
-2000: This is a 1:1 extension of AB. I will gladly let you pay me $2000 to take your Bitcoin off your hands. I'll even give you a discount of $1000 to accept the offer now.
WAIT FOR SIGNS OF REVERSAL BEFORE ENTERING LONG
Support levels are highlighted in green at the right:
6000 or 7240: We should consider a double bottom possibility at these locations
6952-7599: This is the golden pocket retracement based on a Fibonacci retracement of the entire movement up from the beginning of Bitcoin
4257: This is the .786 retracement based on a Fibonacci retracement of the entire movement up from the beginning of Bitcoin
2018: This is a 1.618 extension of subwaves 1/2 of the C wave
-2000: This is a 1:1 extension of AB. I will gladly let you pay me $2000 to take your Bitcoin off your hands. I'll even give you a discount of $1000 to accept the offer now.
Komen:
Another possibility.
