SUMMARY
I believe Bitcoin (BTC) is bouncing and Altcoins are following. The below BitShares (BTS) bounced off the 0.78 Fib level. Thus far, the BTS bounce is very three wavish as labeled by a,b,c. The first target for wave c is the 0.5 Fib level or $0.4799. The white impulse wave for the likely one more lower low is shown making a tag to the lower support zone at around the 0.866 Fib zone near the horizontal white line. Again, much of this depends on Bitcoin's direction.
The alternate scenario would allow the a,b,c rebound to extend further to the 0.38 level. However, this likely means that the pathway is different but same bottom destination. The white impulse waves would be expected to stretch towards the white horizontal line.
Legal Disclaimer: 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.
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Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
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Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
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