BTC from ATH to local Bottom. Just an idea I've been working on
We are still currently slowly and steadily working our way down the 5th Wave using trendlines as guidance for Support and Resistance.
I think if we break thru 9200 without support there will be panic to follow until 8400. If we find support at 9200 I think we will test it a few times and eventually break thru.
Ok, so obviously I needed to move my 4th around a little bit but this still does make sense. Today, with the Binance situation earlier is a reason for the local trend break we were having the last few days but Everything Happens for a Reason and following this trend down to 5200 still makes me happy for a great buying position.
Here is the 1 HR chart after sliding over my 5 Wave Elliot Down from the ATH and adding in a smaller 5 Wave Impulse down inside our Wave 4. I feel swinging up to 9211 (.382) would not be out of the question before coming back down to a new lower low from 5800.
This is the Daily...
And a closer look...
If this does come to fruition, this could be the push down the bears are looking for to drop this thing back to 5800 and further. We can only wait and see but if my Wave 4 Ends and the Wave 5 begins and we continue down, then the 50 will join the 20 and drop below the 200.