Bitcoin Elliott Wave Update
Given the strong selloff we're seeing this morning, I've moved back to my original wave count of currently working a primary wave 4 correction. If this selloff breaks below the $4000, that will increase the probability of this wave count.
If this selloff fails to break $4000, then my alternate count, which has us starting minor wave 3 of intermediate wave 5 of primary wave 3 would seem to be more accurate.
One immediate point of confusion with the current count is that the corrective waves we're seeing today seem to be of minute degree. This would add support to the alternate count, being that we've wrapped up, or are close to wrapping up minor wave 2, and we've started or will be starting minor wave 3 shortly. It's possible that these waves will develop into sub-waves of a higher degree complex correction supporting the case that we're indeed within primary wave 4.
This correction has deceived us a few times. One thing is clear. This market currently has too many options and we're going to need to watch it play out a bit more before we can get a clearer picture.
UPDATE: Here's another possible wave count which I noticed after posting this above. This has us in minute wave 3 of minor wave C (somewhere within primary wave 4 it would seem). This case supports the strong downward pressure we're seeing on prices this morning. If this case plays out, we can expect this wave to potentially carry prices down near the the $3100 level. A break above $4648 would invalidate this case.
If you have any thoughts or questions about this wave count or elliott wave in general, please post them in the comments.
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I am not a financial advisor. Be sure to do your own research.