BTC gotta go down before it can go up!

2 Apr 2018

We are not out of the woods yet for BTC long holders. We are bouncing in a correct channel right now. For day traders definitely take advantage of the channel action is it is bouncing perfectly. Swing traders I would wait for confirmation of the it breaking below the yellow channel before entering into a short.

From an Elliot Wave count we hit the end of wave 3 right on .618 and we are about to finish the 4 correction wave before we start to head even lower to complete the final 5 wave down. Looking to revisit the February lows of 6k.