Bitcoin current count and projections:
WEEKLY: Bearish
DAILY: Bearish
HOURLY: Bullish/Neutral/Consolidation
Here is my current assessment of the BTC situation/bear rampage/1 HODL 1 prayer:
We are definitely still bearish. The last uptrend was an ABC corrective pattern upwards to the trendline, where it was rejected, and we continue our way downwards.
Pointers:
We seem to have found decent support slightly above the .786, and look to be making an ABC upwards
I expect A wave to hit ~6950, and will be looking to see where we retrace to (likely .618)
I will be looking to ladder shorts after we have A and B complete, currently no trading except for scalping the ABC. Huge caution here.
Lots of bulls got caught out on the last wave up, be careful entering long positions. I think it will take a serious breakout of the trend line with volume, with higher highs to be clearly 'bullish'. PLEASE do not listen to the people saying that on long time frames it is reset/my target is 9k etc etc. I expect the RSI on the daily to fully reset <30 before we reverse, and the reversal to be huge.
I appreciate your comments/feedback. Let me know your count on both the macro/micro-structures. Please give me a follow if you want to discuss the daily trends!