In a recent video, Nick discusses Bitcoin’s recent price movement, potential wave counts, and future outlook across various time frames.
On the one-hour timeframe, Bitcoin showed an upward move and potential wave counts, with targets at $26,800 and $26,490. However, Nick suggests the possibility of further downside, either through an overextended fifth wave or a wave three of a wave five. Therefore, Nick recommends waiting for more clarity on the hourly chart before considering trades.
Moving to the daily timeframe, death crosses (50 MA crossing below 200 EMA) are observed, indicating a bearish trend. However, Nick expects a bounce towards $27,000 in October, potentially part of a larger wave count. The target range for a bearish scenario is $22,696 to $23,875, with invalidation at $28,588.
The weekly chart shows Bitcoin trading sideways between the 200 EMA and 50 EMA. Nick suggests caution regarding bullish positions until a clear breakout from bearish structures occurs.
Broader Economic Factors and Investor Sentiment
Nick also considers broader economic factors and investor sentiment in their analysis. Nick notes that the current macro environment is bearish for risk assets, such as Bitcoin. Additionally, investor sentiment is negative, with many traders expecting further downside.
Overall, Nick’s outlook for Bitcoin is bearish in the short term. However, Nick acknowledges the possibility of a bounce in October, as part of a larger wave count. Traders are advised to wait for more clarity on the hourly chart before considering trades.