This is not showing as much structure as other cryptos right now, the count is still corrective, mainly due to that parabolic move in November, these sort of movements can ruin the strength of a structure, as people panic and sell in order to not lose any gains....this causes a flurry of selling and the strength is lost, so as always, parabolic moves are red flags.
Sideways movement here for now in a corrective ABC count, just under the 200 Day MA so this may bring this down to Wave B first before bouncing higher.
Jack
2023-06-10 10:56:48 +0000 UTC