BTC Daily Count
Updated
There is strong chance our down trend from highs of the summer has come to its close.
We are in the midst of completing a minor wave ii, currently sitting just above 200D EMA.
I believe we may see one more push down toward ~8500-8400 before strongly asserting an uptrend.
The rally towards the end of October on the back of news from China was too strong to ignore - if we press further back towards previous lows, we may be in much more of a downtrend than expected.
Interesting point in the market, as always.
We are in the midst of completing a minor wave ii, currently sitting just above 200D EMA.
I believe we may see one more push down toward ~8500-8400 before strongly asserting an uptrend.
The rally towards the end of October on the back of news from China was too strong to ignore - if we press further back towards previous lows, we may be in much more of a downtrend than expected.
Interesting point in the market, as always.
Note
Price came down into 8500 area and rebounded.Still hanging onto 200D EMA.
If price does break below this level I will re-evaluate the current count.
Note
200D EMA looks to have officially broken as we push down into 8500 territory once again.I don't like the current picture at all, and yet, nothing seems too clear.
For now, I wait for further price development before evaluating intra-trend count.
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