BTCBanker1

Bitcoin in Final Leg Lower?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
BITSTAMP:BTCUSD appears to be entering the final leg of its correction that began in December. Price target in the mid-$8,000s. A strong move above $13,000 would invalidate my current outlook and precede higher prices.

As this, in my opinion, should be the final leg down during this correction, I will not be taking any short positions. Opening shorts on the final leg of a correction can end badly if the final leg truncates or if the count is wrong to start with. This is the reason for my neutral investment strategy.

Good luck!
Trade active: Updated chart / Wave Count:

Trade active: End of wave 4 condition has been fulfilled. The downtrend is likely to resume shortly.

Trade active: #Bitcoin continuing to move lower. We are likely now entering into the worst part of the final leg down, Wave 3 of Wave 5 of C. Expect a quick drop from here. This is one analysis that I would prefer being completely wrong about!!!

Trade active: ‪Unfortunately, Bitcoin is continuing right along as expected:

Trade active: Bitcoin is continuing to drop towards a retest of the lows, as expected. Also, as predicted in the last update, the move to the downside as accelerated into wave 3 of 5 of C.

Trade active: Will likely get a small bounce here into wave IV of Wave 5 of C before we head lower again and retest or surpass the $9,200 lows.

Trade active: Update: Wave V of 5 of C incoming, the retest of the $9,200 lows could very well take place over night (US EST).

Comments

agree with you. nice chart
+1 Reply
BTCBanker1 trim202
@trim202, thank you for the comment!
Reply
Agreed, clear head and shoulders on the 1 hour right now is a strong signal we are going down to 8k.
+1 Reply
so yu are saying that your target is 8800 right? i'm sorta new so trying to follow your latest attachment chart. thanks!
Reply
jamikr jamikr
@jamikr, nevermind i think i see it. that IS what you are saying.. but that there are 5 waves....
Reply
@jamikr, Read it as if my target is just above the V, 5, and C at the bottom of the chart. So I’m basically saying that for now I think we are going to at least retest the lows in the $9,000-$9,200 range. Putting an exact target out there is a reckless thing to do, although as we get closer and closer, watching the waves develop, we can narrow down the target a bit better. For right now just assume that we will at least retest the lows. What happens when we get there can certainly change the outlook.
+1 Reply
jamikr BTCBanker1
@BTCBanker1, got it. i am trying to learn this all and your stuff is great to help. so thank you so much.
+1 Reply
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