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RE: Bitcoin Technical Analysis 27/02/2018 - Buckle Your Seatbelt!
Cool Post. Since you got the bitcoin tag do you have a prediction for Bitcoin over the next few days? Also followed you for future posts :)
Thank you for your following. If i'm to predict btc's price. Using elliott wave, it looks like the uptrend from 06 Feb to 21st Feb was our big wave 1 with subwave 12345. There are 2 scenarios, first is the correction happened during past 7 days was the entire WXY retracement. That's only the case if we break above the 50day 100day ema of 10500-10600 very soon. If that happens, we will have a chance to break above the long term down trend line starting from Mid of December. Best scenario will occur if we manage to break that as well and we will be looking at $17000. Now the other scenario is that the correction happened in the past 7 days is a flat ABC, that means we have only seen wave A, now the uptrend we forming will consist of 3 waves, wave 1 has likely ended around $10440 and we are seeing a wave 2 correction, once wave 3 starts, we will bounce towards the big downtrend line at $10700-$10800. That would signal another downtrend of bigger retracement wave C, which will probably bottom out around the .5-.618 fib level of $8200-$8900 price level before we move back up again. It's hard to see this without visualising the chart. I might go through this in my next TA video, stay tuned.