BTC in possible last Elliot wave cycle

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
I have been observing long cycle of BTC for some time now, and we may see closing of Elliot Wave formation. It may be the last wave of downward trend. We all know that in trading, financial instruments behave in chaotic manner and are traded in repetitive cycles. History repeats.

I’m more short-term trader that long term analyst, so these long-term predictions are very hard to guess, but observing the chart from top in DEC 2007, we can see 5 waves in correction phase. Lower highs, followed by lower lows. On 30th of June, BTC tested low at $5700 and from there the price made two higher lows which is positive sign, but on the other side didn’t managed to touch higher high from the previous low – crossing that $8600 mark. I think that’s the level to watch in next possible run up. Until then, I’m still bearish . RSI is picking up as well showing this positive momentum has some more upside potential and has a bit more room to climb before hitting overbought levels, so buyers could stay in control for much longe

Bitcoin was consolidating inside a descending triangle pattern but is starting to break past the resistance. This suggests that a long-term uptrend may be in order, possibly lasting by the same height as the chart formation, which spans $6,100 to $8,400.

The 100 SMA is still below the longer-term 200 SMA to signal that the path of least resistance is to the downside. In other words, the selloff is still more likely to resume than to reverse. Price is breaking past the 200 SMA dynamic inflection point, though, so a pickup in buying pressure might be seen, especially if price breaks past the channel top at $6,900.
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