WEEKLY: Bearish
DAILY: Bearish
HOURLY: Bearish
Current count:
I believe we have started subwave 1 of the next wave down. We had a brief consolidation period with a lacklustre C wave after a bounce of historical support at 6600. I think the dump is not over yet.
Looking at the current position in the falling wedge/channel we are in:
Pointers:
We have some significant supports at historical points at ~6400, ~6200 and ~5900
Currently, we have yet to re-touch the bottom of the wedge/channel, so if you're looking for a bottom, it may have to be there
We have a while to go before we are at true reversal, I recommend buyers taking extreme caution and setting stop losses for short scalps
It is very clear given the clear Elliot waves that the last upwards trend was an ABC correction into a descending first wave down. There are still a lot of shorts (on Bitfinex ~30k) that have yet to be closed, it seems the bears don't think this is over.
I recommend short positions for now, if your exchange cannot short then try Bitmex:
https://www.bitmex.com/register/xXI5rW (10% off fees)
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