Bitcoin reached my first target since 09 May exactly! If you have bought at 8245$ you could be now 500$ per Bitcoin ahead.
BTC (Bitcoin) / USD - 09 May 2018 - correction in progress
What next ... here the channel that I saw and draw 3 days ago. It's look like BTC still follow it.
Here the flags and the bounce fo the down trend exactly on 0.5 Fibo. This is how you can nail the target more precisely .
And here the channel right now.
As I say Bitcoin still fallow this trend channel so we need a break out with a lot of volume to confirm a trend reversal. For me there is not a clear Elliot count for now so I will give you here some of my assumptions.
There is two major assumptions: 1. Break out or 2. Downtrend following the channel
1. Break out: The correction is over at 0.5 Fibo retracement and the uptrend will continue to higher highs.
2 . Downtrend following the channel: If the current uptrend FAIL at channel resistance then we will see another ABC correction going down creating a WXY (3-3-3) correction. Very possible targets for this correction are 0.65 and 0.786 Fibo levels. More data is needed to precise the target.
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Legal Disclaimer: This blog post and the materials in it are for informational purposes only. I'm not an financial advisor. This is only my opinion. It is not advice or recommendation to buy or sell according to provided information about the price movements and I am not liable for any pecuniary damages!