BITCOIN: Looking ready for WAVE 5

luiggih (54)in #steemit • 6 years ago

Let's update our prior analysis in Bitcoin (BTC/USD)

Elliot Wave applied to Bitcoin

This could have been a complex wave 4 which is the most usual wave for complex corrections as Elliot Wave Theory states.

Key levels in a bearish scenario

If we're at the last stages of wave 4 as I think, we could have bottom prior to the next wave 5.
However this is a complex correction and may consume more time.

There is a more bullish count also possible, and that is this whole move has just been wave 1 and wave 2 and we're about to get into a major wave 3. 161.8% of that wave 1 points to 12k

To conclude: there are two possible counts at this time and both are likely bullish. IMHO we're at the last stages of wave 4 and getting ready for the next bullish price pattern structure in the form of wave 5.
If you're more bullish, this could be wave 1-2 as wave 2 usually also retraces 50% most of the times.

Good luck and good trades. For informational purpose only

#bitcoin #cryptocurrency #steem #trading

6 years ago in #steemit by luiggih (54)

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mrosenquist (69) 6 years ago

Hope you are right. Would like to see some good gains that stick. Need to build confidence.

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1 vote

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morseke1 (49) 6 years ago (edited)

There just doesn't seem to be much energy to move in a sustained uptrend. If you pull back to the February dump through today, we seem to have strong resistance around $6,000 and it hasn't been close to $10,000 since the beginning of may.

I thought the possibility for an ETF would create some buying in anticipation. Who knows, maybe the ETF get's delayed or rejected, but I don't think so...

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1 vote

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luiggih (54) 6 years ago

The fact that recently the G20 meet for crypto discuss is a big thing. Companies who want to position themselves in the crypto world want a fair price which is around current levels.
Miners will push the price to place a bottom.
Eventually all this uncertainty will end up with regulation and we'll get our rewards for the risk.

Thanks for your support morseke!

$0.20

2 votes

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