Bitcoin Analysis Update 04/22/2020

So I am going through possible elliott wave scenarios on bitcoin right now and this is one of them.

White count is primary bearish and red count is alternate bullish count if bitcoin takes out the local high of 7466. That would make the white b wave some sort of 5th wave with a very shallow correction down to that local low of 6456 on April 15th. I realize that the short term count can change radically as new price action appears. But as long as that choppy price action doesn't go above the local high of 7308 which is seen as a circle wave 2 in a downtrend. That circle wave 2 is already a pretty shaky count so I would like for bitcoin to not surpass that. Otherwise, I would like bitcoin to chop down further to my circle wave 3 target in the 5500s. There is where I will buy a boat-load o' coins. After buying a bunch of coins, I plan on holding on for a while post halving and will continue my previous strategy of trading with half and putting the other half in cold storage.

Ideally I would like all of this to happen before the halving just in case dumb money enters the market on that date. Otherwise, I don't really expect the actual day of halving to be a big event for price action. I could be totally wrong about this and bitcoin could surprise me.

This high-volatility, low-volume chop in bitcoin recently is messing with me as I attempt to try my best to navigate these unknown waters. As of recently, Bitcoin appears to be slightly correlated with the general stock market. My best guess for this is: with bitcoin trading volume decreasing overall in the past few months, a slight correlation appears through the cracks. With slight correlation that is peeping through the cracks every once in a while, I find myself also looking at the general stock market to know what to expect from bitcoin.

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