Bitcoin Update

last post on the Coin: https://bartscharts.com/2021/06/02/bitcoin-need-some-energy-thrust-to-prove-low-in-place/

lot’s of pressure on the Coin … certainly doesn’t look like the low will hold and will plunge into the 20k’s.

here’s the deal, this smells, feels (I’ve been “scrambled” (surfing term being caught inside) by a C-Wave before) and while it’s a fools game to pick tops or bottoms, I’m trying to find the pattern that will give us the best entry.

I’m long the Coin and getting some egg on my face (see scrambled above) but am going to hold to look for some support and the possible low to be in place to begin the march higher … what do we have going:

Note (3) up near the all time highs .. I REALLY LIKE when a new high is made on 3 waves. that is a classic “b” Wave into the new high and then C wave wipes everyone out – like right now.

the wave count (if this is correct) shows 5 distinct waves down from the high … a “guideline” NOT A RULE is that when 3 extends (in this case 1.618) then 1 = 5 (blue arrows into/around 23K)

a RULE is wave 4 (we are in an expanded flat wave 4 correction right now – if correct) is it cannot go below the end of 1 .. (dashed green line) around 15K. If we go thru 15k to the downside then wipe out the count and this is 100% wrong.

I threw a “basic” retracement grid up there and highlighted the blue box for a support zone that would 1/ finish 5 waves down, 2/ finish the C-wave and 3/ end (4) and then we go UP into the 70’s to start …

also, threw in the fundamental frequency targets (dashed purple lines) and also used the largest percentage correction (dashed red arrows to find the mid-20’s looks like a stopping point to give another a shot ..

hope this helps.

Author: BART

BART is a CMT and an expert a "advanced" pattern recognition used w/in the intermarket analysis discipline. He's also an accomplished Business Development Executive providing solutions to a myriad of business markets.

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