Bitcoin Long Term Chart
Last time we said ‘The new count is more bearish with wave (iii) of (v) underway with targets at 86.4K followed by my prefered target around the previous major wave (iv) low and 50% retracement level at 74650.’ It looks to me that we have further on the downside to go to complete wave (iii), lets look at the short term to see if the minor wave iv correction is over before the next sell off.
Last time we said ‘If we break down this sell off , it appears we have several more legs lower. A move above 99k would throw this view into doubt but until then I wait to buy BTC at lower levels.’ It looks like minor wave iii has ended and I think we should see one more leg higher wave (c) to complete the minor correction around the 90-92.1K level. I would look to sell up there with stops above 99k looking for lower towards the 70k level and the bottom of the channel in the coming weeks. The 61.8% retracement level comes in at 62872.
