BTC is close to my invalidation level for the "no new low is needed" count. It is still possible, because a wave 2 can correct 99.9% of wave 1 and still be valid.
But in case 9,222$ gets breached today, here is my equally bullish alternate.
My preferred target for the alternate scenario is 7,500$.
Here are some possibly positive effects on the BTC price to keep in mind. Even though I don't believe in fundamentals, theese are some logical consequences, where some other markets are affected in the same way:
1. New month, new money. Fresh money can enter the market in February.
2. The futures rollover might have a positive effect. I discussed this issue with some of my followers already. I think this drop until the end of the month could become a regular thing, now that futures have been introduced. Hoping to be wrong about this though, because it would suck hard.
unrelated Update: We just hit 700,000 STEEM accounts milestone:
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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.
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