MuffyPuffy

Bitcoin forecast for the next weeks (bearish)

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Looking on the RSI , we can see a reversal everytime when we hit an oversold situation, only despite on the last one.
Furthermore we are forming a triangle, in which we are currently at the 4th wave.
Hence we should see a small upwave and then a big last downwave due to the RSI!

The small upwave:

There are many different legit counts currently, but one of them is this one with quite perfekt Elliott Wave extentions.


If we assume that our Elliott Wave is finished and we are now in a corrective ABC wave, than a normal correction to the 0.38 Fibonacci-level would be nearby at 7300$.
Currently we have formed a leading diagonal and are waiting for a minor correction to a target between 6350$-6150$.

The big downwave:
At nearby 7300$ we should hit the major longterm resistance and heading downwards again.
For the big downwards target please read my last TA I've written the last month ago.


Personally my target is nearby 5000$ to 4700$, but that will be decided if I have more data.

DYOR
Looks like a pretty accurate assessment to me! Good work!
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Good job mate, diggin it
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