5th wave failure cut BTC bullrun short, sent into ABC correction

What I see that has happened to BTC over the past day was a 5th wave failure (other counts don't add up).

SEE this screenshot for a more clear picture:
pbs.twimg.com/media/DY8fimlU8AAdL40.jpg

I know that most TA ignore fundamentals/news, however, this is my view:

I see 5 impulse waves forming as expected, then at exactly the same time of Binance FUD (17hr ago), it fails/breaks down into an ABC correction.

Meaning, large crypto holders dumped heavily on the market once they saw this news, detailing our active bull-run, and causing 5th wave failure.

Algos/Bots also follow suit, and begin trading into an ABC correction pattern.

Note

Positive improvements so far with #Bitcoin.
It just broke out of it's down-trending channel. Let's see how well it holds above.
(I just woke shortly)

Note

Bitcoin Approaching Target.

Main target Range: 9100 to 9175
Outer Target Range: 9050 to 9274
(9050 already hit)
ABC correction target: ~8600

Note

What could give a chance to reach my higher target ranges is the Rule of Alternation, as we see that subwave-2 corrected very little, allowing subwave-4 to have a more complex and heavy correction (and maybe it could be forming a Bull Flag).
Note it already hit my low target.

It's still not a good risk-to-reward ratio, jumping in at the very end (subwave-5 of wave-5). I'll sit this out, just observe, learn and get other stuff done in the mean time.
Already in good profits, thankfully I held through the the recent FUD selloff with no losses.

Also, adjusting for the heavy pull-back of subwave-4, a potential subwave-5 is now more likely to only get to ~9072 (if that much).
Subwave-3 already looks short compared to subwave-1, so not likely to get much distance on 5th.

Note

Have you safely exited Bitcoin?
As I mentioned some hours ago, any potential 5th subwave would be very weak, and holding/buying into #BTC/Alts at that time would be a poor risk-to-reward ratio.
We did successfully hit the lower-range of my target @ 9050.

Note

Posted earlier in advance, on Twitter:
twitter.com/AndrewEDavis/status/977722730522071040

The drop target I called several hours ago was successfully met (8525 to 8350).
(It may have been a 5-wave)
I've now analyzed and recounted the chart.
Next short term target: 8750-8850
We could have more downside movement after, potentially to ~7950 range.
#Bitcoin, #BTC

-----

Update:

Targets met within < 1%
Price rebound stopped just a bit short of my 8750-8850 target (@ 8675, < 1% away), hit the lower boundary box (min-target) I drew.
Followed by a down-trend to my next target @ ~7950 range.
Must observe for the next direction, 2 possible counts. #BTC

Note

Posted 2 hours ago on Twitter:
twitter.com/AndrewEDavis/status/978326240275914752

BTC We should be nearing completion of this expected last small subwave-5.
I expect some rebound to start soon (1-2 hrs)
8270-8450 seems a reasonable target (maybe ~1 day with this slow movement).
I only count 2 waves down so far... we could be missing a 3rd down after this BTC

Note

Bitcoin - I mentioned in my last post to expect some reversal/correction soon at this point (we wouldn't get much lower right now).
(Initial volume came in stronger than expected though.)
I hope some of you picked up buys at the bottom like I did.

AndrewEDavis

Also on:

Related publications

Bitcoin wave-5 target: ~9500 - Accurate calls so far

by AndrewEDavis

Bitcoin updated wave count ~9500 Target

by AndrewEDavis

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

AndrewEDavis

Also on:

Related publications

Bitcoin wave-5 target: ~9500 - Accurate calls so far

by AndrewEDavis

Bitcoin updated wave count ~9500 Target

by AndrewEDavis