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Nickonomics
Nov 21, 2017 7:00 AM

Bitcoin (BTCUSD): Emerging Short Setup 

BITSTAMP:BTCUSD15
Bitcoin / U.S. dollarBitstamp

Description

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Previously on the show, we were expecting a pullback in BTCUSD:

It did pull back just a little bit, but there's more to come. Under my wave model, the price should mark a new high around 8440+. This would complete the ending diagonal pattern and let us short this high-flyer. Alternatively, if the price breaks below 7700, the ending diagonal would most likely be negated, and we'll be looking to short the momentum.

Comment

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5 waves of the Ending Diagonal pattern are technically in place. But we need to keep in mind that the 5th wave could be extended. That is, we don't have a secure signal just yet. Let's be patient, I'll keep you updated.

Comment

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Idea has been updated:
Trend AnalysisChart PatternsWave AnalysisnixcoinBTCUSDBitcoin (Cryptocurrency)Bitstampcryptocurrencies
Comments
Ralebr
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Not worth entering now, very close target... I´m waiting to fall too.
shwaz499
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@Ralebr, it's recovering a bit.... you think it will continue to fall to 7800 or lower?
Nickonomics
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@shwaz499, At this point, a new move below 8000 would be great for the bears.
FRANCISCOJAVIERGARCIAGARCIA
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hello, thanks you vety much for your work, i think its great. one question, do you think it possibble it will dreak under 7700?
Nickonomics
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@FRANCISCOJAVIERGARCIAGARCIA, once the pattern is complete (the price goes above 8400) and activated, it should go well below 7700.
mic721
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agreed with 8440, can we see 4800 btc soon?
Nickonomics
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@mic721, it's too early to judge. I'd rather wait and see how correction unfolds, and then project the targets. The upside inertia is quite strong.
mic721
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@Nickonomics, ya..i just noticed that bottom and top with fib, which from Sep is 2k-3k-5k-3k-5k-8k-5k-13k-?...still waiting..
Nickonomics
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@mic721, Nice observation.
deveci.as95
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@Nickonomics Hello sir,

how could the alts be impacted from this? like a few hours ago?
Also I noticed a certain pattern just before the dump. Both DASH and BCH spiked like a half hour before the BTC dump. It's like they new. Maybe to fall to the same level again during/after the dump. Many uncertainties (tether) during this period.
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