ElliotCM

Trade Idea for BTC for the next 48 hours.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTCUSD

Current Trend

Bitcoin bounced off the Elliott waves formed over the past 2 days, ending on the 5th wave before making a recovery upward. We should be looking at a temporary "recovery" before continuing the downtrend back to support lines formed before the last major bull run. Support being 6,500-7,000 range.

Price Targets

We're gonna be looking at price hitting about 7,700ish in the next few hours after bouncing off the current trendline , might want to short at that point.

RSI

RSI is currently at 55, we can expect it to be in the 60-70 range once it hits 7,700 - meaning that it'll be close to overbought levels, thus validating traders to short at the price target of 7,700.

Wedge

We can see the ascending wedge on the chart for the steeper trend line . Once it breaks the top of that wedge , we can expect the price to pop and be pushed up to the price target of 7,700, before encountering resistance and falling back down to the less steep trend lend. Price will then move in an upward range before eventually breaking that trendline as well and falling back down to support of 7,300. That movement will also most likely be the point at which the next Elliott waves begin, having that movement be wave 1.

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Although I have years of experience of analysis this should be regarded as speculative regardless, take what you need from it and apply your own perspective. I always win :)

Kept gains are less pains.

ElNOIV
May 25
Comment: SO the market didnt hit the point of 7,700 before breaking the trendline, i guess this is where Elliott Wave 1 begins, here we go down to 6,750.
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