BTC Wave Count is suggesting that there is a possible Extension in play for Minor C (red) within Minute III (red).
9000 Levels represent 100& Fibs Extensions of Minors A & B (red) and 150-161.8% represent a possible Breach of 9000 Levels which would indicate that there is a major sell-off in play which could reach the 3500 bottom.
Is this realistic? Does it make any sense? I think so! BTC needs a solid pull-back before moving higher than 40-50K. Even has potential of topping a 100K this year, is that realistic? Why not!?!
9000 Levels to be watched closely for reactions.
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Wave Count Update:
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Minute IV complete.
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Calling all autobots!
BTC/USD could go to 3500 after all if it gives a Bearish Divergence and the Ending Diagonal in Minor 4 would be confirmed. Simply put: watch the channel trend-line.
@ghose12, I agree, they will buy more at those decent levels.
donaldsaw
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Good count as always - mine is big picture view but more or less on the same line as you.
Lionheart-EWA
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@donaldsaw, :agree: Almost the same count. Still thinking if it is indeed a Double or even a Triple Three. I was looking at that as a triangle as well but nevertheless, still bearish for now, waiting on a bearish swing and then we'll review the count. Cheers
donaldsaw
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@Lionheart-EWA, most of my detailed count is on Motive Wave software so unable to share on here but you get the gist.
I haven't ruled out a triple either but the main thing is looking out for a key level where wave W vs Y = 100%, which coincides with the overall retracement of the entire move up at 0.618% fib.
Lionheart-EWA
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@donaldsaw, spot on bro! that's what I am waiting for as well
donaldsaw
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@Lionheart-EWA, It could happen today/tomorrow so watching the space very carefully! GL
kkandru
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For an extension to happen , 2nd wave must be < 38.2 % of the 1st wave . In the wave starting from B , I don't see that as 2nd wave is more than that almost 50%.
So that's the key and we'll watch :-)
eryksd
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@Lionheart-EWA wouldn't going below $8,000 indicate major sell-off play, moving towards $3,500?
Lionheart-EWA
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@eryksd, 9k then 11.5k then 4k, that's the scenario. As I said, 9k should be watched closely for clearer signs.