SUMMARY
NOTE: Apologies for the morning update being delayed. Unfortunately, no videos today but will return tomorrow.
Bitcoin (BTC) overnight price activity has NOT decisively broken through the upper trend line support. So far, this is very good to see. The chart below shows that price is now bouncing off the white trend line support and as long as this support holds against any breach; the bull wave count is still in play. The lower bollinger band represents the -2 Std Dev point and even at this level of stretch, price usually doesn't stay too long and so the bounce is currently occuring. Fib retracement (no shown in chart) is at 0.86 which is the square root of 0.78.
The closeup shows he impulse sub waves. From the looks of it, there is likelihood that wave 5 is complete. The current price moves shown for wave 4 is very overlapping and that's the usual attribute of a wave 4 or 2. This means a lower low is still probable to around $9,231 or so. Unless price starts making higher lows much above current levels; a lower low is projecte.
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Elliott Wave Counting Tutorial #1
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