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(VIDEO) BTCUSD Resumes Weakness For 10k, Maybe Even 8k

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Traders, welcome to our new second video idea here in trading view. I will again cover BTCUSD             because I think it's in important structure that shows market now in wave C decline that can be headed down to 8k like we mentioned in our past updates.

Please give me a feedback on video analysis, to make sure if you want more of them in the future or no.

I hope you will enjoy the video!

Grega
Comment: BTCUSD fell down to our 261.8% Fib extension target where price slowed down after five subwaves in wave three. Notice that after that small cylce market slowed down which is waht we call a corrective pause in a downtrend. Its very sideways move for now, so can be a triangle in fourth wave here which means new low can follow soon.

If upper red trendline of this triangle is broken then rally will be in three subwaves with resistance at 12k.

Bottom line: trend is down, and it's expected to fall through 10k as long it's below 13100
Comment: So, if you checked our previous video, then you can see updated analysis in which we talked about resistance of wave 4 and we can see now that we are near the resistance zone of wave 4, from where we expect a new decline into wave 5 of (C) towards 7750 or maybe even 7000 level.
Comment: Big recovery on BTC, but 4th waves are the most complex, so we strongly suggest to be very careful here with long positions. Currently BTC trading around our projected resistance zone with three waves up, so it still could be wave 4 correction. But if goes higher above 13400 invalidation level, then we may adjust the view.
Comment: welcome back everyone. A lot of you asked for an update so here it is:

we have seen move up towards 13 k recently, but noticed that recovery is clearly in three waves, also retraced by a recent break beneath the channel support. This looks like a temporary bounced, therefore, it would be too soon to turn bullish. I still think new lows will be seen.

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Thank you very much Grega for your videos, comments and updates on BTC/US$. I will be following you closely.
Reply
LOL
+2 Reply
You called it - I will be following you closely from now on!
+1 Reply
We have another case here. Instead of (A)(B)(C) count like yours in which (C) wave will need to have 5 subwaves. This leads to the speculation for another deeper drop. If indeed, it turns out to be (W)(X)(Y) in which the last wave (Y) requires only 3 subwaves. That means we have finished the correction. I prefer the later count as (W)(X)(Y) count fits better with a such big and long correction like we have seen. Another point is the last bottom also just touched and strongly bounced with high volume from the big trend line drawing from 3000 and 5500 bottoms. This strengthens the posibility of the later count.

+1 Reply
BTCBanker1 PhilHuynh
@PhilHuynh, I'm hoping your count is correct, but I'm preparing for 5 of C in case that is what occurs.
Reply
Thanks a lot for the video and your comments. I want to ask something. You mentioned that global correction is over when we see a serious bounce of price. We have really had impulse wave 1-2-3-4-5 and then a-b-c (timeframe 30 m). Should we expect the next impulse wave way to up?
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freeza91 SerhiyStefaniv
@SerhiyStefaniv, yes, it will be wave 5 to down after this short time up.
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Great analisis you are awsome. I would love to learn more about how you are doing this. Do you have any recourses to recomend?
+1 Reply
Can you do a chart on Ethereum ? It would definitely help to see sentiments ;) We both know EW ;-)

https://elliottwave-forecast.com/btcusd/
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So will we dip further or it's up from now on?
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