Bitcoin We cannot forget the Bearish Count...Still we have a Long at play

Hello,

I would like to make sure that the community understands that we should always look both ways before taking any actions especially when it involes our hard earned cash. With the bounce from the .786 Fib retracement lvl of the move from 5900-11700, the recent G20 news, Hyperwave support line, as well as a bounce off the bottom of the falling wedge, we obviously had a nice reaction to the upside.

We most likely will make a small correction here I would estimate between 7800 and 8225. If the market is super bullish we may not even break under 8225!

After said correction we would most likely move another leg up to the 9-9.5 k range, and depending on if you are viewing your charts on log scale, 10k to test the upper trend line.

But bottom line, there is a chance that based on Elliott waves, we could be on a 4th leg correction of a 5th leg down and could potentially see lower lows. (See the Neon Green Lines for the Big Picture)

Either way be this is an impulse up to a bull run, or a correction of the move down, in the short term we should be going up.

Please be cautious out there traders and I will always do my best to see all my surroundings, and never tunnel vision blind me into thinking there is only one path ahead.

Legal Disclaimer: I am not a financial advisor and this is not financial advice. The information provided in this blog post and any other posts that I make/ any accompanying material is for informational purposes only. This is only my opinion and to be used as entertainment and informative purposes only. Due your homework, and it is you that presses the button to buy or sell.