BITCOIN Update from Elliot Wave Perspective

May 28, 2018

HI Everyone,

I am pleased to share with you my Elliot wave perspective on Bitcoin BTCUSD price from now onwards.

Here is today's (May 28, 2018) 6 hour chart on BTCUSD:

and here is today's (May 28, 2018) Daily chart on BTCUSD:

What this pattern that I am tracking shows is that a bounce is due, but the bounce may not be the start of the next uptrend just yet.

In fact, we may have a shakeout after a bounce, and the price of BTCUSD could go as low as 3k.

But, if that happens, that would be just a part of a 4th wave correction in Elliot wave parlance. Nothing unusual -- time to buy for the next segment will be a sharp rise UP in a 5th wave taking price to giddying heights, anywhere from 50k-100k and even more (as 5th waves in cryptocurrencies tend to extend).

Here are my past blogs on this topic.

May 15, 2018: https://steemit.com/bitcoin/@phisight/bitcoin-update-using-elliot-wave-counts-btcusd-btc-usd

May 12, 2018 https://steemit.com/photography/@phisight/bitcoin-chart-pattern-rhymes-with-ongoing-fractal-in-eos

I also provided an example of the ongoing fractal in EOSUSD that has a similar pattern:

I am hoping to provide Elliot wave analyis on STEEM for all cryptocurrencies if I get your support. I hope you liked this post, and if you did, please upvote me, and resteem my post to your followers.

Hope this analysis was/is/will be helpful!

Note: you can right-click and open charts in new tab to see them at full size -- they are quite large and clearer when expanded.