If BTC breaks up here, I believe it is completing a C wave in the 4th wave retracement. My bearish count remains my primary count until the 13k invalidation level is breached. 6k is the target with proper fib ratios, though I believe we wont go lower than 8k.
Update. One last leg down.
Wave C for Wave 4 complete. Wave 5 beginning.
Probable pathway for a 6k target.
Current subwave path for the 6k wave count (Subject to change).
Here is a subwave count of the possibility for a larger degree Wave 4 corrective triangle.
Larger triangle for wave 4 confirmed. Wave E complete. Down we go.
Possible Wave E throwover (bulltrap). Wait for a 12k break to confirm a bullish move to the upside.
New trend line established. Calling the top of the triangle earlier might have been a bit pre-emptive.
As a side note, I want to mention that this analysis will remain bearish until the main resistance (around 14k) is broken. The goal of these updates is for you guys to be aware of any bearish scenarios that might play out, so that you don't get sucked into FOMO. Happy trading!
My triangle is incorrectly drawn before. I had forgotten that the Wave B and D trend line support must *start* with the point of Wave B. Sorry guys! Looks like we have a bearish descending triangle on our hands.