BitcoinBaller1
Long

BTC -Crouching Tiger, Hidden Dragon

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello crytpoworld, welcome to todays             BTC             update. What is going on? The price has pretty much followed my road map although the final and 5th wave was truncated and did not extend higher than what we thought. The EW count still in play and under correction. These corrections are necessary to make room for BTC             to grow and build up steam to move even higher. BTC             has lost (5%) much of the gains of the last 2 days going from $8400 to the high $7800s. We are now in an ABC correction, with the A wave complete and BTC             should be going back up to between $8000-$8300 to complete wave B. Watch this wave B because if it breaks the $8420 then we need a recount. As for wave C , we can expect a retracement of up to the .618 fib range and somewhere between $7200-$7500. A drop below $7700 will confirm Wave C has evolved. From here the good news is that the ABC correction will form Wave 2 of the primary waveform and wave 3 will retest the previous 12k double top . So be patient, the bears are still exerting moderate pressure to keep things in check. In the meantime there some nice swing trades to be made in this correction. On the daily , we have bearish confirmation on the Stochastic showing a downward change in momentum , while the RSI has hit the resistance line at 60 and is due to come down. I am still bullish and still believe the $6400 was this cycles low point. BTC             will be looking to test the 12k mark in the next 2 weeks so stay tuned for some exciting action to come. As always thank you for your time and safe trading.
I have one wave count like you've drawn it, I also have this wave count:

What do you think?
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@alexyeoh, Very plausible indeed. That is a great alternate count and might be in play except for the fact of the Stoch and RSI are indicating a fall is imminent on the daily charts. I just cant see enough steam in the engine room and any indicators showing upward trends. Based on probabilities there is more downward pressure at the moment. That could change and a break over $8450 odd would need a recount like yours.
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alexyeoh BitcoinBaller1
@BitcoinBaller1, doesn't it look similar to where we were on April 10th? BTC rose $300 even though everyone was expecting it to crash, then it shot up.
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