Cryptolab 3 minutes reading from Bitcoin



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Ok guys let me follow-up on my main count. As you may know, my final bottom area is around 13 ~ 12 K based on my main count and fib level extension as seen in picture 1.

But since we printed a lower low, I am obliged to pull out an alternative that is way more bullish in the short term, that I will be presenting to you in the next post.

But as you know, I don't follow alternatives in my trading decisions I just keep them for reference and to be aware of all possible variations.

So proceeding with my wave count, I was already saying that we were in the last wave 5 to the downside and that we were doing a flat purple wave (2) correction inside this last wave, that could potentially take us to the 21.5 ~ 22.5 K area before dropping.

And that's what we have witnessed yesterday. So basically we're inside wave (3) now which is the strongest of them all. Wave (3) should also consist of 5 waves (pink annotation).

Looking inside the internal waves of wave 1, we can see that we are already finishing the first wave of downside in wave (3). It's target should be around 16.8 K if my count is right. After it we should witness a wave 2 correction to the upside before heading lower.

So one could take advantage of that bounce and take profits aggressively as we go up to potentially 18.5 ~ 19 K where we will face a huge rejection zone :

- we have an ancient demand zone there that could turn into supply

- we have the 50 % fib retracement where bears love to step in

- we have an unfilled fair value gap

Buying it is a risky procedure because we're buying the inside of wave (3) which is strongest wave to the downside. The wisest decision would be to wait for the relief and short it. Risky players should buy it with strict risk management.

Now another benefit of buying it would be the alternative which I'm gonna show it to you in the next post but I as I said I am only following my main for now.

This post is based on this twitter thread.


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