BITCOIN: Probable Bull Count

toofasteddie (70)in #bitcoin • 7 years ago

Difficult to be bullish these days. The volume is not increasing as we would like in order to support a clear reversal trend and this is somehow creating a lot of uncertainty around.
However, I find very interesting the use of trending lines as a channeling path of the current market moves. Channeling works very well in order envisage rebounding points on which our counts are supported. That and the use of old resistances and supports together with the aim of FIBO levels can help us a lot in order to decide whether an operation is closed or still on going.

Below I present to you my Bullish count for short term. In the chart you can see a different degree of EW-counts, starting from the Brown Count (1,2,3,4,5), then the sub-count in blue ((i, ii, iii, iv, v)) forming the brown wave 3 and finally the yellow count, as well in roman numbers, forming the III blue wave.

Worth to say that there are many other possibilities and counts. In particular, it is not easy to identify the end points of the 4ths correctives waves of the future counts, mainly because the Lower Channel Line seems to squeeze with the time while the Upper channel Line has been clearly defined by BITCOIN which has touched it at least 6 times in the 4h-chart:

IMO, a break of one of these two lines would mean, either, an UPTREND BULL market fully confirmed or a LOWER LOW on the current Bearish market.

Let's cross fingers and bet for the first option to happen...

Trade safely.

@toofasteddie

*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently.
Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.

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