Kicking it back from where we left off bear season is in full effect! If you took the trade in the last post we had us patiently waiting to short the 9.2-9.5k range with PA having a high of 9224. My top orders were not filled but none the less the idea and trade ended up being a solid one. Members were kept up to speed in discord as I gave out a late night update to keep Elevate one step ahead and thus we held short while many started scaling in long again. As it stands today $BTC made a swift 1k move to the downside catching hopeful bulls off guard. With that move we now rest at January lows but does the blood continue or do we find a bottom here at 8156? Coming in from a totally technical approach I try not to let the noise outside of the charts play into my trading strategy. Taking a look back i still see us in some sort of major corrective phase after the rally from 6438-10504. I am looking for a simple flat corrective phase as shown in purple in the HTF chart here. So if you are a swing trader looking for buys then you still are going to be on your hands waiting for the internal structure to complete in the adequate time we need. Although we have seemingly made a healthy and logical 3 wave decline from the high it was done so before the minimum time we can assume for a conclusion. The time we expect is within 1/3 of a 1:1 of the impulse we are correcting and that time is shown in the chart below with the vertical purple line.
With this understanding of complexity and time we must assume more complexity must form in order to fill up the time needed to assume a logical conclusion to the ABC. This idea poises for a buying opportunity in the range of 8100-8300 for day traders and similar traders alike. For swing traders your trade is left up higher once we get more confirmation of this pattern being true. A move below 8.1k and I see us at 7.6 very quickly so make sure to set appropriate stops if taking this trade. If we do manage to move up and surpass the white line i have near "b" then I may lean with this count here. Regardless both show a bottom in this range and we can see a bounce pretty soon if we are correct. Make sure to hit the "heart" button and dont be afraid to share the post! Cheers!