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BITCOIN: What a Battle! isn't it?

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@toofasteddie
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What a start of the week we have had on the markets, isn't it?

After an awaited and expected correction for many of us on the crypto market, suddenly yesterday reversed the whole mood of the crypto market passing from Bearish to Bullish in a matter of minutes.

I was really enjoying my small operations on selling some altcoins while following the downtrend of BITCOIN when suddenly everything changed.

Apparently, the reason of the sudden reverse is linked to this new from the Federal Reserve:

Federal Reserve Board announces updates to Secondary Market Corporate Credit Facility (SMCCF), which will begin buying a broad and diversified portfolio of corporate bonds to support market liquidity and the availability of credit for large employers.

This announcement was disclosed exactly at 02:00 PM EDT and, exactly at that moment a jump on all markets happened:

Here you have DOW JONES index, note the jump at 02:00 PM EDT

And now have a look to BITCOIN at the very same time:

Impressive, isn't it? just a small announcement and the IMPACT is BRUTAL...

However, I am not still convinced at all about if this would be a sustained raise. I am currently dealing with an Elliot Wave count which is still valid and that is telling that the correction is not indeed finished.

After reaching the 5th green-wave at 10340 USD on June the 1st, BITCOIN has been tracing a sustained correction path, despite long and tedious. During this correction, we could identify a clear A-B-C construction and another A-B-C on-going...

One of the possible paths to follow in order to end the correction is a FLAT 3-3-5 configuration which means we are heading again towards 9800 and getting another deep fall towards 8600 USD once more...

This market has demonstrated its ability to break any trading plan several times but it is good to have one in order to anticipate next movements...in this case, this scenario I am presenting to you will be invalidated if BTC breaks the previous high of 10340 USD which will trigger a Bull run IMO.


@toofasteddie


Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.