Everyone is talking about crypto crash given the sudden recent fall in majority of cryptocurrencies including Bitcoin, due to FTX and Crypto.com troubles. Twitter was full of tweets people getting out on a steep more than 20% fall last week in Bitcoin. Some other coins fell much worse.
So where does the current situation leave us? Have nothing to say on fundamental perspective but Elliott wave wise, it’s bad but nothing true HODLers haven’t braved in past.
If you refer to the previous update on Bitcoin, the fall was in line with our expectation of wave Z unfolding. So no surprises there. We actually expect Bitcoin to go further down below 12K levels before Z could be complete and bull market resumes. Within the Z leg, we are doing abc out of which a and b seem complete. Final c down is in progress which should be 5 wave impulse down. As of now, we seem to be in wave iii of c (of Z).
I have attached fresh chart of BTC counts with this post.
2 thoughts on “Bitcoin (BTC) Big Picture”