DanV
Short

BTCUSD - FURTHER SHORT TERM WEAKNESS IN STORE WITH TARGET OF 210

BITFINEX:BTCUSD   Bitcoin / Dollar
I wish to update the last chart I publish little over 2 weeks ago with suggestion that 210 could be potential downside target.

Well we are progressing well towards that target though the price action is little puzzling in that the counts are not conforming to what we anticipated.

This will require review of price action since 150 low and feel we could have larger wave 4 retracement to upside still in progress as shown in our roadmap we have been following for sometime on Daily time frame.

Therefore, the review of what happens once we drop to 210 zone will be of great interest and will explain this in subsequent charts and may be a recording.

For now I trust this will be of interest to you

Disclaimer: All of my work above could be completely wrong, so please use or disregard it at your discretion.

As, always please do your own analysis for your requirement. Select to follow me and the charts for notification of any updates. If you like the analysis show this by thumbs up and constructive comments or alternative ideas for all to learn from.

Thanks for taking the time to view my analysis.

DanV
danv-charting.com
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Thanks for the analysis DanV!
Seems like BTC got past the upper line now?
Reply
Yes, thank you for your comment and question.

In fact the line I drew was too optimistic and in fact now it is at better more proportional area and the idea is still valid ie we could see a top made in this area and would now begin to weaken towards 210 zone in due course as shown in the chart below
snapshot
+4 Reply
What time frame are you suggesting to see this weaken?
Reply
That is rather difficult to be specific though it we are likely to be topping around 240 zone for this falling wedge pattern then we are there so could hang around here for short while and drift lower or might do one more minor spike before dropping meaning it could be next 24 hrs or little longer.
+1 Reply
Thanks for the reply DanV. Your analysis is one of few BTC analyses that I follow.
Cheers!
Reply
Thankyou and you are welcome.
Reply
Hey Dan, any update with today's drop? :)
best
Reply
DanV MOD oldstout
Hi thanks for your question.

Still following the anticipated price action to 210-200 but are on partial retrace before further drop as per the chart below.
snapshot
+2 Reply
Hello, DanV. I'm wondering would large wave C from Jan 2014 be an impulse wave?
Reply
Hello, thank you for analysis, but do you trade BTC for real?
Reply
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