All coming together with Elliott Waves - BTC
In addition, CBOE contracts ended on the 18th and contracts expire coming up on the 26th. May be mere coincidence, but if one were to assume most of those interests were short, then these price corrections are well timed.
It is crucial that we do not cross above the dashed line as that would invalidate our wave analysis. This coincides with my previously posted Wyckoff distribution analysis in having us fail to break back above the ice. In that regard, this would be a point of last support, and a prime spot to open a short position. The idea would be to short upon confirmation of the breaking down with stop losses set above $13,000.
EDIT: $13,000 stops for US markets, KRW is still trading at a premium and propping this index up.
These implications should be taken into account when analyzing the entire crypto market as I suspect the majority of the market will follow.
*THIS IS NOT TRADING ADVICE*
Watch for reversal on strong volume here. If support holds, we will likely continue in the yellow rising wedge. If Stops remains above $13,000.
Copy and paste the following (you can also set on your watch-list):
It seems BTCUSD is struggling to break any major resistances. First we struggled to get through $11,500 and then yesterday failed to break through $12,000. I believe this is due to a lack of demand and plentiful supply. I anticipate a sharp move one way or the other in the coming days, and I am thinking it is more and more likely it will be down.
I am increasingly bearish on bitcoin, and the crypto market as a whole. I think if ETH does not hold its ground above $1,000, then the entire space will be in a several month long bear.
There is still money to be made in bear markets, and they are a healthy and necessary thing for future pushes upwards.
Stay tuned for updates.
The 1.272 extension of our last rally.
Long term, probably next week sometime, I would be looking towards $7k based off the 1.618 fib extension of our AD leg from the bearish gartley.
*THIS IS NOT TRADING ADVICE, ETC*