The bitcoin bull run we have been waiting for may take a little longer. I would expect the break of the 100 MA to the downside on the weekly chart before considering going long. A break of the 100 MA on the daily doesn't have a meaning at his point of such a huge correction.
Remember, my wave targets and channels are estimate target levels and are based on Fibonacci and Elliot Wave Principles. They are subject to possible adjustments. Timeframe was not taken into consideration when projecting targets.
DISCLAIMER: THIS IS NOT PROFESSIONAL ADVICE BUT MY PERSONAL REFLECTION OF THE MARKET.
Remember, my wave targets and channels are estimate target levels and are based on Fibonacci and Elliot Wave Principles. They are subject to possible adjustments. Timeframe was not taken into consideration when projecting targets.
DISCLAIMER: THIS IS NOT PROFESSIONAL ADVICE BUT MY PERSONAL REFLECTION OF THE MARKET.
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I may have missed another look on the weekly. The first part of the Elliot wave cycle which are wave 1 through 5 are supposed to be above or below the 100 MA depending on the trend. I may have made huge mistake thinking wave 5 on the weekly was over. This could be what is happening.
