BITCOIN Did Not Bottom, Yet

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
As expected BTCUSD fell down into wave (c) a third leg of decline that we have been talking about a lot in our past updates. Wave (c) is a motive wave, so it must be made by five subwaves before we may even consider that correction is finished.
Well, if we take a look at current price move on BTCUSD we see very slow structure, thus it’s probably just a wave 4 within still ongoing wave (c). So, sooner or later we expect new decline into wave 5 of (c), where final support zone can be between 8700 level for (A)=(C) and 6800 level towards channel support line and 161,8% Fibo. extension of wave 4.
Comment: Todays price move confirms an important fact that bulls are having hard times breaking above the upper side of a trading range. This now looks even better for a triangle in wave four, so bias remains unchanged. Be aware of some volatility during weekend.

Comment: Triangle Completed? Patience is very important, so strongly suggest to wait for confirmation level below 900!
Comment: Confirmation below 9900 level!
Comment: Hey traders! BTC is slightly higher as we expected and that's why are confirmations important. It's something interesting happening right now... Ethereum is very strong against other cryptos, Eth/Btc is in 5th wave now, so we still think that ethereum is in corrective move in wave B, while Btc still can be a triangle.. so we would not fall in love with bulls yet! Here is the next count we are tracking.
Comment: btcusd is trading lower as expected. I will update charts soon
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Incorrect triangle count - Your wave E of the triangle is higher than wave C
hey grega @ew-forecast can you do an update on BTC, eth and LTC please? have you entered yet?
Thanks !
great analysis ever. update please
Any updates? Thank you.
+2 Reply
@ew-forecast hello have you started to buy yet? is the bottom in yet? thanks so much
btcusd is trading lower as expected. I will update charts soon @ew-forecast I'm looking forward to it
TomPower roma777
@roma777, some things in life u have to cherish my dad said, a good mechanic , a good woman, and i'll add a good trader here in Greg! nice call
+3 Reply
Do you still see it reversing here?
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