Bitcoin Update – Island Reversal

last post on the Coin: https://bartscharts.com/2021/04/13/bitcoin-update/

our last post on Bitcoin ID’d multiple patterns … multiple AB=CD, a 3 drives and a butterfly sell all in the 65-68 area. in my original post I just took a look at the chart “real time” and said 66-67 but did some work on the intraday charts and 65-68 is the zone. honestly, I wasn’t worried about being too precise because I’m generally looking for this wave to end and 4th wave correction to occur so i can BUY again. right now, I’m going to say that based on the gap down today, that we have a Wave 3 complete and are correcting in Wave 4. again, there are targets a little higher but I’m not going to worry about that now as it appears that this gap down has things going in the 4th wave correction direction.

also, note on the 60 minute chart, that we can certainly label this an island reversal and – if that is the case – then we can expect lower over the coming days and weeks.

now, am I screaming the top is in w/ the Coin? absolutely not … I’m looking to BUY again but found that the risk of continuing w/ my position outweighed the downside. now the hardest part – trying to get in a moving market. that part, for now, is TBD.

target zone has been hit w/ a reactionary sell off – calling 3 complete for now

note the gap down tonight validates a “bearish Island Reversal” which forecasts coming lower prices for the Coin.