BTC is looking kind of textbook right now.
It's got a clear 5 wave elliot impulse which is in strong need of a correction so it can continue higher.
The huge $10k psychological level is right at the .618 level and once we get a weekly bar close below it I would say that is strong confirmation that the bear move is on and strong back into an ABC style correction to the 3-4 wave region at least and maybe lower.
I may short it a little bit but mainly I'm focusing my attention on futures markets and will just wait for BTC to roll over a little bit. When it prints a weekly bullish hammer in the green box I will be looking to go long again. I want a weekly bar that shows a long wick pointing down which shows rejection to price testing lower.
We're in a doji right now which is of absolutely zero interest to me especially since it's camped right on top of the $10k level. This is the worst place you could hope for to make a trade one way or the other. The only cryptos I own are very long term and small accounts like my mining stuff. If I had any cryptos in my trading accounts I would dump them and hold in cash while the elliot cycle completes an ABC correction.
It's got a clear 5 wave elliot impulse which is in strong need of a correction so it can continue higher.
The huge $10k psychological level is right at the .618 level and once we get a weekly bar close below it I would say that is strong confirmation that the bear move is on and strong back into an ABC style correction to the 3-4 wave region at least and maybe lower.
I may short it a little bit but mainly I'm focusing my attention on futures markets and will just wait for BTC to roll over a little bit. When it prints a weekly bullish hammer in the green box I will be looking to go long again. I want a weekly bar that shows a long wick pointing down which shows rejection to price testing lower.
We're in a doji right now which is of absolutely zero interest to me especially since it's camped right on top of the $10k level. This is the worst place you could hope for to make a trade one way or the other. The only cryptos I own are very long term and small accounts like my mining stuff. If I had any cryptos in my trading accounts I would dump them and hold in cash while the elliot cycle completes an ABC correction.
