UPDATE 02.07.18 : Get ready for the next drop. The expanded flat pattern will likely be done in the next 24 hours.
UPDATE 30.06.18 : Unexpected pump over night. Is this already wave B like shown in the count below? Maybe it is. At least we should be happy that 25B crypto pumps over night still happen^^. Nearly everthing is green today.
Today I want to talk about BTC from a pattern perspective.
There is a possible "bullish butterfly pattern" forming, which has a target of 4200$. This would fit perfectly with the WXYX2Z count. If you can't read the image, download it and zoom in.
To be honest, the route AB and route BC don't fit 100% perfectly for this pattern, but in trading you usually don't get it perfectly.
So even if it is not a "perfect bullish butterfly pattern" we still have some data confluence here:
- Fib (and also Algo) targets @ 1.27 and 1.618 extension level lining up
- bullish butterfly pattern targets
- A fitting wave count
The clusterzone of route XA extension and the route BC extension @ approx. 4200$ is very promising.
This is why it is my primary count.
Here is an example of another bullish butterfly in the Dow from a few weeks ago:
And here is the count:
EDIT: There is a typo in the last pic. I mean "a ZigZag for Y". It is not a double ZigZag.
If you think this to be useful information:
Feel free to use and share my charts, but please mention me, @ew-and-patterns as the author. Otherwise it is considered plagiarism and I will flag you and advise my friends to do the same.
DISCLAIMER: This post / analysis serves general information purposes only. I am not, and never will be a financial adviser. The material in this post does not constitute any trading advice whatsoever. This is just the way I see the charts and what my trading ideas (from my personal experiences) are. I use chart pattern and Elliott Wave analysis for my trading ideas.
For full disclosure: The author of this post is holding positions in this market at the time of this post. Please conduct your own due diligence, if you plan to copy anyones investment decisions!
If you make any trades or investments after reading this post, it is completely in your own responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept to never hold me accountable for any of your losses.
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Have a nice day :-)
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