Elliott Wave Count: 2 or 5?
There are two possible options I believe:
1. We just finished an ABC of Wave 4, Wave 5 to complete somewhere 5k-6.2k
2. We just finished a 12345 subwaves of Wave 1, currently on Wave 2.
I don't believe option 2 is in play, just because of the way we bounced off $6400 wasn't convincing for me. The bounce was because the daily RSI hit 30, and the only other time it did that was when BTC hit $6000. But to me this is a bull trap. There are certain signals that I believe occur on the 1hr, 2hr and 4hr charts that more strongly indicate a real bounce using RSI, MACD and OBV.
Hitting 30 on the daily RSI doesn't necessarily mean anything IMO. It's only if it goes below 30. Because quite often the RSI can go up and down around 30 for quite a while and it doesn't seem to mean a whole lot, except being very very bearish.
1. We just finished an ABC of Wave 4, Wave 5 to complete somewhere 5k-6.2k
2. We just finished a 12345 subwaves of Wave 1, currently on Wave 2.
I don't believe option 2 is in play, just because of the way we bounced off $6400 wasn't convincing for me. The bounce was because the daily RSI hit 30, and the only other time it did that was when BTC hit $6000. But to me this is a bull trap. There are certain signals that I believe occur on the 1hr, 2hr and 4hr charts that more strongly indicate a real bounce using RSI, MACD and OBV.
Hitting 30 on the daily RSI doesn't necessarily mean anything IMO. It's only if it goes below 30. Because quite often the RSI can go up and down around 30 for quite a while and it doesn't seem to mean a whole lot, except being very very bearish.
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