Expecting BTC to sell lower in 5 waves to the $20k level before buying back and selling on a rally to $28'297 with a confirmation of new uptrend with a move above $30'331.
Like BTC, a 5 wave sell off is expected before buying back and selling on a rally to the $1'540 and a confirmation of new uptrend with a move above $1'780.
Last time we said:
Nothing has changed with no break YET of the $28k level. I await a further downside sell off in 5 waves
Having broken out of the triangle and through the $28'000 level this weekend, we are looking for BTC to sell off in 5 waves to complete the longer term wave (4) correction.
Sentiment towards crypto in general is bearish but we are not yet at extreme readings, therefore I would look for another push towards the $20k level. I would sell on rallies to the $28'297 level with stops above $30'331. A further move higher would indicate that the correction from the $68'900 highs is over and new highs are on the way.
Last week we said:
I have changed the count to show a larger wave (iv) triangle playing out, but remain bearish for lower. If long, we would look to sell now and buy back lower or on a move above last week's high of $2'020
We sold off in line with expectation with an acceleration lower on a break of the $1'704 level. Like BTC, we continue to look for lower in 5 waves to complete the long term correction. I would look to sell at $1'540 area and set stops above $1'780. A move above this level will signal the uptrend has resumed.