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Short

Five waves down

BITSTAMP:BTCUSD   Bitcoin / Dollar
604 0 5
A clear five waves down A (pink) is a signal for substantial decline. The corrective B will be able to retrace 50-61.8% of A. The best for the bulls is to be patient because after such retracement the most likely scenario is one more slide to $500 level or even lower for wave C (pink). The whole bearish move can go on for weeks or even months. So I believe the best strategy now is to enjoy profit taking in time of the retracenment and one can restart buying the new lows afterwards.

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