We wanted to give you our opinion on bitcoin and U.S. stocks.
In front of us is a bitcoin 4-hour Binance Futures chart.
As you know, we have been bearish we’re starting to see a little bit of follow-through to the downside now, while stocks have rallied over the last week or so Bitcoin continues to look very toppy.
If we throw on our Elliott Wave roadmaps that we have been showing, we think possibly this is one wave up, and we are working on a wave 2.
This also could be an ABC up, and we are working on an ABC lower.
So all we want to state is that we still think there are lower prices ahead. If we zoom in, let’s go to a 15-minute chart. You can see that we are finally having some weakness from the 9470 levels.
So if stocks fall here, it looks like Bitcoin could probably really get in gear to the downside.
If we look at the S&P…. Go to the 4 hours, this is the chart we have been showing.
The same type of thing, one up and looking for a correction.
This count could be changed a little bit possibly, but again we think there is some type of correction here for a wave 2, or also an ABC down for an E wave of a bigger triangle.
Either way, we have an extremely overbought indication on our overbought readings and we are looking for lower in stocks still. So stocks and Bitcoin lower and we will be back next week with another update.