BTC thread Here are my macro options. Expecting a larger ABC bounce but we cannot rule out the WXY or the larger running flat count just yet. WXY count will be the quickest to validate or invalidate. BTC Bitcoin
BTC lower tf As we can see, we are breaking down from the channel WITH volume and steepness. This is usually indicative of a w3 where our target would be 12.5k before bouncing back to the channel for w4 and then finally making a w5.
BTC If we are in a flat of some kind, I do expect a bounce very soon to start the C wave up of either a flat or a triangle. Some different subcounts to consider.
IF we are bearish and are putting in a w5, I fully expect us to melt down to 9-11k for this w5 before reversing. As we can see, higher sell level on that drop showing a form of capitulation and it's entirely possible we see an extended w5 take place which takes us even lower.
10k is my area of interest IF we don't bounce around this area for a larger correction.
I hope this helps you all get a better understanding of what I am expecting in the short/mid/longer term.This post is based on this twitter thread.