SteveTobin

Wave map of Bitcoin suggests one more low

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
This is the map I have been using for Bitcoin , it allowed me to buy twice in 2017 to great effect but I have not been able to trade so far in 2018. The map is at an interesting point, I have price in a downward triangle correction for the final part of a 3-way move from the all-time high. The first part of the move lower was a pretty clear A-B-C(blue in brackets), the second part was three clear waves terminating at circled X. This final leg lower has been a protracted move, it looked like an ABCDE triangle with the wave D high just put in place.
I will keep watching but should it make the last leg lower I will be buying.
Comment: The map continues to point the way forward, we need solid confirmation before buying Bitcoin but the price has moved into the predicted area

Comments

You really are terrible
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Very interesting! Please update later!)
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Are you suggesting the one more low to be a new lower low...sub 5800?
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SteveTobin jeremyalain
@jeremyalain, I cannot be sure. Standard EW theory suggests that the E wave will sometimes truncate before moving higher quite rapidly, however moving below 6000 again would not be unreasonable indeed the projection for this final leg of the three wave correction is at 4947. I might use RSI to help with timing if it gets oversold again a bottom could be in place.
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