SUMMARY
Yes, Bitcoin (BTC) has fallen beneath the upper white trend line but it is not necessarily too late or past a point of no return because price is still well within the window of rising back above it. That would be an ideal bull wick scenario. The below chart of blue wave 1 and 2 are still in progress and the red abc should be near complete.
The below chart dissects the subwaves. The red ABC is a zigzag (5,3,5) since red A consisted of five subwaves while B always has three (blue abc). The key focus is in the red C wave down. IF this count of five waves down is correct; then we should see the price start putting in diligent and lively impulse motives upward. Reclaiming the upper trend line would currently mean a price rise above $9,700 will be required.
The alternate calls for a slightly lower low to the proximal zone of the 0.618 Fibonacci area where the $8,200 area resides. Again this is the alternate to be aware of but the likely destination and reversal projection pretty much remain the same.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--
