IvanLabrie
Short

BTC close to a main reversal zone

BTCE:BTCUSD   Bitcoin / U.S. Dollar
384 9 13
In this chart we can see my interpretation of the wave count, and volume action we've witnessed during the past few days.
If the structure holds, I expect to see a low of 390-414, before resuming the action to the up side.

My position has been bearish for some time now, but as we approach the lowest lows, price action develops a loss of momentum, which indicates bears are getting tired of pushing, and masked bulls are starting to pick up what they consider to be cheap coins.

I'll update the chart as we go, for now I leave you with a tentative pitchfork channel breach, and a 5-0 bullish pattern .
5-0 invalidated for the time being. I'm looking at a 5th wave down now, but first have to confirm the incoming 4th.
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IvanLabrie IvanLabrie
Follow-up: wave IV started, can't move into the territory of wave 1, so I'd be expecting it to hit no higher than 458.
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IvanLabrie IvanLabrie
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IvanLabrie IvanLabrie
Circular trendlines are still en force...target remains bearish, at or around 329.
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IvanLabrie IvanLabrie
Chart speaks for itself.
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IvanLabrie IvanLabrie
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IvanLabrie IvanLabrie
Moving on as expected:
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IvanLabrie IvanLabrie
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IvanLabrie IvanLabrie
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