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BTC - time for the final drop has come
Since Bitcoin has topped in the wave i of the low which I count as the BOTTOM I have been expecting a lengthy but flat consolidation in the wave ii down.
After the first drop to 3,800 on 24 Feb 2019 I wrote:
“This current drop into 3,820 is clearly only the first leg down in wave a of ii.”
Back then it was clear we are going to get a corrective wave b up but it was impossible to predict how high it could get. Therefore I wrote:
“Despite the fact we should get a corrective wave b up and that could get as high as the previous top over 4,000 I would encourage you not to take your chances and wait for a corrective wave b up to top and then you may try to short Bitcoin for the final leg of corrective decline in wave c of ii down.”
BTC - 30 min chart updated on 2/24/2019
This corrective pullback in wave b up stretched to 4,150. However, on 3/18/2019 I reaffirmed my bearish outlook for another drop targeting 3,650. (please see the chart below).
BTC - 30 min chart updated on 3/18/2019
As of know we have got the first confirmation of that coming drop. We have got the first wave i down. That final wave c of ii down should be subdivided into five waves. And so far we have got wave i down and wave ii up. The next move may be a sharp drop in wave iii to 3,840 or even lower.
At this point I am clarifying my target for that final drop down that would complete wave ii down and set up a stage for a new rally targeting new 2019 high. Currently I expect that drop will complete at 3,780 – 3,700. Then the next rally in wave a of iii should target 4,650-4,850.
BTC - 30 min chart updated on 3/23/2019
