Bitcoin (BTC) On Cusp of Two Counts
While the push today seemed strong, C waves often take an impulsive form to "fake out" market participants. And, so far, as long as under resistance, that is what I see today. We should be seeing the end of the corrective retrace upward, as we are at the end of immediate resistance. However, if we break immediate resistance this bear market has a few regions above that can hold it down. So, there is little room for FOMO in this market just yet.
Bitcoin pushed higher into immediate resistance in a good impulsive C wave. This remains wave 4 of V of (C), so long as $6745 is held. Above that and I'll look at the orange count. We're right on the cusp of the two counts. This means we may see a drop tonight, and into Asia trading hours, unless we are in Orange count.
Ethereum pushed through my first level of resistance for the running flat. Note how it is now symmetric in this leg up into higher resistance. This may also be a C wave with an extended 5th, but I can also count this as a strange WXY correction. Either way, I count this as corrective. If we do see a strong move over $235 I will adopt a count that Garrett presented today, which has resistance up to $257. Further along those lines, if we fall correctively from this zone, I will presume that count by Garrett Patten will be in play, and cover my short position to strike higher in the $250 zone. It seems we'll know soon.
I had stated on the board for a request that I am currently not sure whether ETHBTC is holding the (i)-(ii)-i-ii count, or if it has fully reset wave (ii). Unless it goes lower to confirm the reset, I will need to see how it unfolds in a rally to know more. However, it appears to have a chance of having bottomed so I am in observation mode now.