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BTC from ATH to local Bottom. Just an idea I've been working on

Going from the ATH to 5800 was one hell of a move. Low 70's%. Coming down and testing 5200 does not seem unlikely. Coming back from 5800 to 11,700 in 14 days with a 97% retracement seems a little too fast.

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So far wave 4 is tracking well. If you hop into the 4HR it's much easier to see. I tried adding new pictures to the update but have not quite figured out how to make that happen.

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We are still currently slowly and steadily working our way down the 5th Wave using trendlines as guidance for Support and Resistance.

I think if we break thru 9200 without support there will be panic to follow until 8400. If we find support at 9200 I think we will test it a few times and eventually break thru.

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Alltho we are coming off of Wave 4 by a fair amount, it's not enough to completely rule this idea out just yet. We have been slowly working our way back to 11,700 and meeting resistance along the way at 11,200. I haven't changed my position yet but if we do break 11,700 and get into the 12's, I will certainly be making some adjustments.

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Ok, so obviously I needed to move my 4th around a little bit but this still does make sense. Today, with the Binance situation earlier is a reason for the local trend break we were having the last few days but Everything Happens for a Reason and following this trend down to 5200 still makes me happy for a great buying position.

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Here is the 1 HR chart after sliding over my 5 Wave Elliot Down from the ATH and adding in a smaller 5 Wave Impulse down inside our Wave 4. I feel swinging up to 9211 (.382) would not be out of the question before coming back down to a new lower low from 5800.

This is the Daily...

And a closer look...

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Oh the Death Cross.

If this does come to fruition, this could be the push down the bears are looking for to drop this thing back to 5800 and further. We can only wait and see but if my Wave 4 Ends and the Wave 5 begins and we continue down, then the 50 will join the 20 and drop below the 200.

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Well, we are still cruising in the right direction. This is the 4HR chart and we see support at the .786.

Still a few days away from the Death Cross. Maybe 5200 by Easter? Maybe we can call it the Bottom and go North from there.

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1 HR Chart.

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Daily Chart

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Another Red Daily Close...

ChingasX

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ChingasX

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