BTC - Reverts to Bearish Cycle in Final Leg

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Nothing much has changed in the general outline of the road map for quite some time as many of you will note. However, from the previous published chart the intermediate bullish cycle appear to have completed. The 450 - 480 target was narrowly missed. This appears to be accompanied with a hidden bearish divergence where we have HH in RSI but not the price of the two points under consideration.

I was expecting like the previous run from April to June where slightly higher target and retest of the high failed to materialised seems to be reflected on this occasion too. So the now that we have relatively a deeper retracement that is uncharacteristic as a pause in the uptrend suggests that we are back in bearish cycle.

If correct then it is possible we could get a replica move to Jan to April and June to Oct not necessarily in size but only in form or look.

In any case we are looking for a 3 swing decline ie a zizgag. If there is a strong momentum we could see prices spike below the lower declining support line of the pattern as an overshoot. Otherwise 240 could be a possible zone to form this low.

Should that low hold then we could be either in a completely new bullish cycle that could at least retest the Nov 2013 high in 5 swings formation (preferred) OR strong and significant zizg to deeper retrace of the entire move from Nov 2013 high to anticipated low.

Several time measurements are there not as prediction but possible juncture where both time and price could meet and give additional confidence in expected low if that line up.

Further we might see evidence of possible positive divergence in RSI with price.

As always do you own analysis for your trade set-up. If you have alternative analysis please feel free to share the details.

Thanks for taking the time to read my analysis and comments.
Please see updated chart published today at
5 and done?
Thanks DanV for posting these charts, I'm a newbie to tradingview and trading bitcoin. What a fantastic website!
I watched your Youtube video yesterday and learn t heaps.
Thank you for your time and effort. cheers!
DanV bays47
You are welcome. Thanks for your appreciation and I am glad it is helpful to you.
Hello guys . do you think today at bitcoin ?
Hi Dan, thanks for your contributions.

I'm trying to learn more about elliott waves and repeating pattern. Could you tell me if what I saw here was acceptable? http://imgur.com/PUItYUa Is that a sort of a bullish bat? Fib values seem to be correct more or less.

I expected the abc to play out and made a move on that after the 12345 we had this whole time since the ath, correct?
DanV TereMius
Thank you for your comments and appreciation.

Regarding 1-5 wave move from ATH, I think you are confused as we do not have that even if it might casually look like 5 waves to recent low.

However from the recent low we have possible zigzag move up either as abc or wxy. Remains to be seen. We are probably in the second leg up of the zigzag just mentioned.

Other than that it is difficult to go into greater details to fully answer your question here.

Regarding bullish BAT, it is possible though I do not have specific knowledge of these Harmonic even though I do realise they are often reflected in EW counts.

Hope this helps.
+2 Reply
Ye it does, thanks for replying. Keep up the great work. :)
DanV TereMius
Thanks. YW
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