Current thoughts on Bitcoin: It doesn't look so hot right now ⛄
This last leg down:
1) Pretty much invalidated the hidden bullish divergence / made a lower low compared to previous one.
2) Broke a nice support trendline which is now a resistance
3) Doesn't seem to complete a corrective EW count (before this last drop it could be counted as 5 waves downs from the top
<=> wave C of running flat).
Overall i feel like if BTC was meant to bounce, it would have done it after the drop of 21th of August: that was the perfect spot
(running flat count + hidden bullish divergence + trendline support). Failing to do so on 21th of August is concerning to me.
To have some more hope on the bull side, we need to retake $11500 resistance first
1) Pretty much invalidated the hidden bullish divergence / made a lower low compared to previous one.
2) Broke a nice support trendline which is now a resistance
3) Doesn't seem to complete a corrective EW count (before this last drop it could be counted as 5 waves downs from the top
<=> wave C of running flat).
Overall i feel like if BTC was meant to bounce, it would have done it after the drop of 21th of August: that was the perfect spot
(running flat count + hidden bullish divergence + trendline support). Failing to do so on 21th of August is concerning to me.
To have some more hope on the bull side, we need to retake $11500 resistance first