Short

Updated

Bitcoin next leg down, target $7250ish?

Looks to me like we are finishing up the Any Three X leg of a WXY.
Thinking we will see a Zig Zag rapidly dropping us to $7250
Falling Three Peaks playing out. Channel holding strong.
Estimating next Third Impulse up begins August 26th

Estimate established early July

https://tradingview.sweetlogin.com/chart/BTCUSD/LxMVCA2f-Bitcoin-due-for-over-50-correction-or-forming-wave-4-triangle/
https://tradingview.sweetlogin.com/chart/BTCUSD/Jetu2mXE-Bitcoin-ending-the-month-at-12k/

Bitcoin due for over 50% correction or forming wave 4 triangle?

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Potential Triangle forming
books say triangle always occurs prior to the final wave
Bearish Hanging man formed on daily
Fib Circles show a potential reversal
Watching for position

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Upthrust before mark down?

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Current thoughts
Lots of bullish sentiment, I still remain bearish

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Estimate, shorting next lower high

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Thinking $11500 (60ema) will be our higher low
but Camarilla pivots show potential at $11700

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Last 4 hour candle for the day
Expecting a reversal soon

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Rough estimate
Thinking we will bounce short term around $9600

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Re-entering my short targets
If we break above $10350 then I will watch for an entry at $10550
Low probability target at $11100

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looks like an ending diagonal with RSI divergence

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estimate

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Just noticed, we may be making a bearish bat
price estimate, date/time not set

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Estimate
Thinking we are still working on the A leg of a Zig Zag
Targeting $8950 before the ABC - B leg of ZZ
I cant see this being the E leg of A of a ZZ
daily candles dont look to fit an A leg of ZZ

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Thinking my estimate of the Zig Zag could be too compacted
Alternate estimate I am considering to prepare for

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Alternate estimate #2

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As an updated view of original estimate

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Two current estimates
Im still learning characteristics of Zig Zag (alone or in combination)

Higher Target $7600
Lower Target $7250 (last update image)

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current estimate

KondrackiKarl

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KondrackiKarl

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