Bitcoin - Triangle corrective wave

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hi all,

In my quest to learn more, I have decided to keep posting more ideas. You are welcome to join in & share your thoughts :)

Previous post I had the major resistance line shown 'wrong' as I was not working on log scale. Thank you all for commenting, I have learnt another valuable lesson! I have to say though it is still difficult for me to know when exactly to use one or the other, I guess anything beyond a 150% fluctuation?

Anyway I have updated my chart with new resistance and support lines and have applied an Elliot triangle corrective wave to have a better idea of how BTC could behave. So far BTC seems to be following a 3-3-3-3-3 wave structure within a converging triangle. Most of Alts have had great gains in the last two weeks without any major correction so I suspect there is still room for upward movement towards $8500-$8900 before BTC hits the major resistance line. I think by then most Alts will enter into wave 2 (corrective wave).

Let see how this works out :)
Comment: Amazing! BTC has destroyed the long term downtrend line! This is quite significant as you can imagine, the first step out of a few before we can confirm BTC is in a long term bull trend though. Now that this resistance line has became an additional support line, we now have two major supports before BTC is in a dangerous zone. Unlike other top authors, I don’t think we will revisit the downtrend channel, if BTC is that weak it will be too hard to go through the challenges ahead. This is only my opinion.

My previous idea is now irrelevant. As for now I think we will move sideways for a few days to build up confidence and get ready to test new resistance zones.

Exciting times to come for sure! This could get pretty wild! :)
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