SUMMARY
BanktotheFuture (BFT/USD) is a relatively new coin that started impulsing upwards from the onset as shown labeled in the below chart. Elliott Waves states that after a five wave move, there is a requisite reactionary retracement. The downward wedge as outlined by the blue lines is bullish because it's pointing downward.
When a pattern is pointing downward, it is depleting more and more sellers as the price declines further; until there are no more sellers or the buyers overcome the price move and reverses the trend. I believe the correction can best be labeled as a wxyxz (red) sequence and the last z wave is in progress. This means an incremental lower low can be expected. The MACD has been hitting up against a resistance trend line. Once Z wave complete, MACD should be able to rise past the resistance line.
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Elliott Wave Counting Tutorial #1
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