I have previously done an Elliott Wave Count for Bitcoin stating that it might become worthless but state that the more realistic target for this crypto will be around $6219. Since then, the Bitcoin chart has unfolded in such a way that right now, it is actually more of a long than a short. Furthermore, I can see a candlestick reversal over the weekends that seems to confirm that Bitcoin is really now a long. At the very least, the risk-reward is now heavily-slewed towards buying the crypto rather than selling it.
Looking at the lower trendline that I've drawn, and the potential completion of 5 waves down, together with the candlestick reversal, it is clear that Bitcoin is now a very low risk LONG.
Looking at the lower trendline that I've drawn, and the potential completion of 5 waves down, together with the candlestick reversal, it is clear that Bitcoin is now a very low risk LONG.
