alexyeoh
Long

Inverted Cup and Handle forming...

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
This last wave down is not making it easy to predict the bottom. It was following a channel, but now this inverted cup and handle that is forming messes the channel up. Still - it means the price should drop soon.

When predicting the end of a 12345 wave, it's only important draw the channel line touching the ends of wave 1 and 3. Wave 5 is expected to end when it touches this channel line. It is confirmed when it exits the top of the channel, but by that time the price of BTC             will be hundreds of dollars above the bottom so it's kinda too late to buy the bottom. It's better to set a buy order where Subwave 5 is expected to touch the channel, and then wait for confirmation and be ready to sell if it's invalidated.

It's only a prediction based on probability though - nothing is set in stone - so stay cautious.
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