elliot wave + channel broken
BTCUSD Perpetual Contract BYBIT:BTCUSD
Looks like we are in a impulse wave of an Elliot wave count. Starting the impulse from the bounce off of .886 fib at 34332.
You can see we were in a nice channel when we put in the potential 3. Price dropped out of the channel and then back tested the channel for a drop.
This could be the potential 4 going up to 5 to complete the impulse wave. If so we can go into a short position after 4 has been confirmed and we move up to 5. If not we can still find support at 40k support for this impulse wave to still be valid.
If we drop below 40k, this impulse wave is invalid.
