I hate to tell you this, but if this line gets breached just by one $, BTC is likely to produce a new low for wave 5 of C of 2.
This could bring it down to 5,000$ in an extreme panic low scenario.
The BTC bears showed up right when they had to...
The good thing about this is the wavecross between white wave 1 and 4 in this wave C, which means it is an ending diagonal if this line gets breached and after the final drop, it must go up again. And it means I might be able to buy cheap altcoins one more time.
There is still a possibility that this line will not be breached, but right now it looks like it will be... the wavecross makes it obvious what's planned now. FUD is what's planned.
IF however the line remains unbreached, this is the most likely scenario in my opinion:
The bulls need to work hard now to prevent the drop from happening.
If you think this to be useful information:
Feel free to use and share my charts, but please mention me, @ew-and-patterns as the author. Otherwise it is considered plagiarism and I will flag you and advise my friends to do the same.
MUST READ!
DISCLAIMER: This post / analysis serves general information purposes only. I am not, and never will be a financial adviser. The material in this post does not constitute any trading advice whatsoever. This is just the way I see the charts and what my trading ideas (from my personal experiences) are. I use chart pattern and Elliott Wave analysis for my trading ideas.
For full disclosure: The author of this post is holding positions in this market at the time of this post. Please conduct your own due diligence, if you plan to copy anyones investment decisions!
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