...in a third #Elliottwaves
The Bitcoin put in 5 waves to the downside. Moreover it rebounded right on our green trend channel. It is currently in a minute degree b-wave that reached exactly a 38.2% fibonacci retracement as we publish this. Next major resistances to the upside are 15,400 and 16,400 levels.
We forecast this rally to fade somewhere between now and the above cited level. Followthrough to the downside in a third or a minute degree c-wave will be the next major move in the Bitcoin. Third and c-waves are guided to be very strong. We expect therefore a very strong selloff within the next days.
The Bitcoin put in 5 waves to the downside. Moreover it rebounded right on our green trend channel. It is currently in a minute degree b-wave that reached exactly a 38.2% fibonacci retracement as we publish this. Next major resistances to the upside are 15,400 and 16,400 levels.
We forecast this rally to fade somewhere between now and the above cited level. Followthrough to the downside in a third or a minute degree c-wave will be the next major move in the Bitcoin. Third and c-waves are guided to be very strong. We expect therefore a very strong selloff within the next days.
Comment:
Now counting 5 waves down. Potentially minute degree... Bitcoin may be in a 3rd wave to the downside. Continue to expect strong selloff!
Comment:
Bitcoin bulls decided to go into extra time. The cryptocurrency traced a choppy sideways movement after Christmas 2017. We continue to forecast followthrough to the downside. Our main reasons being:
1. A concentration of termination patterns of multiple degree elliott waves on December 17th 2017
2. The impulsive swing from December 17th into the December 22nd low
3. A risk appetite shift from the leader (Bitcoin) to the laggards (Altcoins)
Nevertheless, we should be highly aware that the bitcoin may also carry on its trend to the upside and extend into higher highs. The alternative count in red shows an illustrative pattern of this case.
However, we weight the black count with a higher probability. Our base case is another spike into the 18k before the relief rally fades.
1. A concentration of termination patterns of multiple degree elliott waves on December 17th 2017
2. The impulsive swing from December 17th into the December 22nd low
3. A risk appetite shift from the leader (Bitcoin) to the laggards (Altcoins)
Nevertheless, we should be highly aware that the bitcoin may also carry on its trend to the upside and extend into higher highs. The alternative count in red shows an illustrative pattern of this case.
However, we weight the black count with a higher probability. Our base case is another spike into the 18k before the relief rally fades.
Trade closed: target reached:
+25% on this idea until today. This will not be updated any longer!
Pls refer to our post from Jan. 21st on BTC updates.
Pls refer to our post from Jan. 21st on BTC updates.