DmitriKnjazev
Long

Double ZigZag or the 1-st wave in the impulse + Fibo levels.

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
The Simple zigzag correction is depicted on the chart with blue A-B-C and Fibonacci retracement is seen behind the wave.
There are 4 resistances/support levels matching the Fibonacci retracement line:

  • $11600 (0,236)
  • $13000 (0,382)
  • $14000 (0,500)
  • $15640 (0,618)

Now we are on the 0,236 level.

I see two scenarios for the Elliott wave development:
1. The red one: retracement is not finished yet and the price will break down once more. A double zigzag pattern is expected. The 1st zigzag is already drawn and he 2nd one starts with the (X). The Red scenario will find the first proof if the (W)-(X) wave will behave as an A-B-C.
2. The blue one: retracement is finished. Impulse is expected. That scenario will find support if the movement to the next resistance level will look like an impulse (Wave 1).

The fall is retraced to the 0,236 level. The next target is $13000. Once the price reaches the 0,382 level I expect small bounce with a further break of that level (no matter if we follow the 1st or the 2nd scenario). The closer we get to 0,618 level - the higher chance for prices to make a turn. So let's keep an eye on the development of the 1-st or (W)-(X) wave.

Both double zigzag and the impulse push us to the 0,382 or even higher levels.
The idea is aimed to show you, that even if we reach the 15640 level, we still cannot be sure, that correction is done, but the hint is hidden behind the structure of that (1-st wave or W-X) movement.
Comment: I did not mention in the post, that there is no guarantee, that simple Zigzag is done. The C wave can go deeper, than the latest spike, so be careful.

More description of the idea can be found on steemit:
https://steemit.com/trading/@dkn/elliott-waves-to-forcast-the-bitcoin-price-double-zigzag-or-impulse-fibonacci-retracement
Order cancelled: Latest movement down crossed bot impulse and double zig zag pattern. The simple A-B-C correction takes place.

See more on steemit: https://steemit.com/trading/@dkn/bitcoin-trading-ideas-15-30-jan-retrospective-analysis-and-forecast-using-elliott-waves
i too agree...BTC looks bearish for next 1-2 months
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I don't think the correction will be that bad but we never know cause we always miss from our analysis the biggest indicator: fud. My guess is 8.5 k correction or 14k if we go upward, but i don't think we can keep 14k too long.
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