Some possible short-term scenarios for Bitcoin

This is my bearish count for the short-term and bullish count for the mid-term. Bitcoin has formed triple tops today at $7600. This means that this region will be a hard resistance but once we break above, we might expect some decent amount of bullish momentum. Also be aware of that white box region which I regard it as hard resistance area. If we observe the daily chart, there are way too many wigs above the candles, which could be interpreted as bears pushing Bitcoin down consistently.

My another count which is much more bullish than my primary count, is where we consider the wave that reached the 0.5 fib retracement level of the impulsive wave cycle, simply as ABC corrective waves. This would then mean that we are already on the new sub-wave 1. This perspective of course will be invalidated if we break below &7340.

My long term bearish scenario would be where we consider these recent on-going sub-waves as ABC correction which then this whole wave is the wave 4 for the big wave C. This means that we will go below $7000. As long as $7300~$7400 region acts as a hard support, we can retest $7600 with sufficient momentum.

評論:

Or we could consider it as flat correction which is composed of 3-3-5 sub-wave structure. This would be a little more bullish so I would target higher than my primary count.