Seems to be playing out so far... Minute waeve 3 down to 52k?
With yet another bounce off trend resistance, steadily weakening RSI, a continuing reduction in volume, and the EMA's rolling over on each other one after the other, what comes next?
Once the bearish wave count is fully confirmed with a deflection from resistance at the completion of Minor wave 2 (back up around 60-64k), then things look pretty dire for our old mate Bitty.
If this plays out we should see the Minute wave 3 drop to support at around 52k, followed by completion of Minor wave 1 as low as 48-49k (which is the 32.2% retracement of the Intermediate B wave), and the Minor wave 2 retest of resistance.
Keep an eye out for that Minor wave 2 bounce because wave 3 will be an absolute killer. The completion of Minor wave 1 and 2 together will make a STINK'N double top with the ATH. The measured downside move of such a formation puts the next low (and probable the completion of Minor wave 3) down around the 61.8% at 38-40k
If you're short... wave 3 of C is the money shot. Time it well ;)
Once the bearish wave count is fully confirmed with a deflection from resistance at the completion of Minor wave 2 (back up around 60-64k), then things look pretty dire for our old mate Bitty.
If this plays out we should see the Minute wave 3 drop to support at around 52k, followed by completion of Minor wave 1 as low as 48-49k (which is the 32.2% retracement of the Intermediate B wave), and the Minor wave 2 retest of resistance.
Keep an eye out for that Minor wave 2 bounce because wave 3 will be an absolute killer. The completion of Minor wave 1 and 2 together will make a STINK'N double top with the ATH. The measured downside move of such a formation puts the next low (and probable the completion of Minor wave 3) down around the 61.8% at 38-40k
If you're short... wave 3 of C is the money shot. Time it well ;)
Comment:
Monthly RSI Hidden Bearish Divergence confirmation could be a push in the right direction for the "Expanded Flat" C wave... if thats what this is.
