Here is the EW count with ABC pattern still playing out for the correction to wave IV. The first level C could end is marked with C? and it's at around $2,800; which is an area of major horizontal support (second dotted black horizontal line in second chart). The second area wave C can end is marked with C??, another strong support area at around $2,000
Horizontal Support? The dotted black lines. Notice how the current bounce came off the horizontal black dotted line support. If the current bounce is wave B and it tops and starts down again for wave C; then a very nice Head and Shoulders Top could be made (LS, H, RS).
What could be a BULLISH outlook? Well, as early as the beginning of the weekend, I was still convinced that BTC had maybe one more push higher to go. Is that possible? Yes. Here is a count for that:
IF this occurs, then SELL into this scenario as it would beome gift horse to exit before Wave IV.
The SUM of the above is what? BTC can go either up or down! How useful is that? Not very.
I believe wave III is still placed, but if further development in prices show a change, I'll post an update. As you can see, corrections are extremely difficult to count and predict given 36 possible combinations. That's why standing aside and out is most safe during waves 2 and 4.
If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTC Wallet - 19gHMJc9wi9KkP47wokz8y4cFNgz1kAAUE
ETH Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
LTC Wallet - LU1mEw1LHvffoWf9VDEVdP7Day4jv6VLqu
EOS Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.