Xatos
Short

BTC Correction To Below 9K? Elliot Wave Suggests That May Be So

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Long-term Elliot Wave analysis on the weekly indicates what appears to be a clear ABC correction from the peak of the 5 Wave, with A bouncing perfectly off of the .50 fib. This looks pretty textbook to me.

Drop could be as low as $8,500. A brief flash-crash to 6K could be triggered at some point due to market unrest, though I think the actual floor is around $8,500.

Feel free to share your thoughts and discuss below.
Comment: To be clear, in order for this to invalidate, we would need to set a higher low before we reach the previous low, marked by A. Otherwise, if we continue in that direction we can foresee a drop in the vicinity of the levels shown.
Comment: Still has a ways to go down. The "bounce" will not be equal to the recovery, it'll take another step down to hit the fib as described. Price is 11.5K right now. I've got to goto bed. We will check again tomorrow.

This short has been an excellent trade.
Comment:
Trade closed: target reached: I closed my short. Came within $600 of my projected target on the fib. It's technically not over, and could still fall, but I ended my short hours ago. This was an EPIC win for my portfolio and I hope you guys shorted with me.

Keep paying attention overall. I'll update this chart if it looks like we may break down again. Technically we aren't out of woods 100% yet, although it does look like we've rebounded for the most part.

Comments

not so sure... I took 13150 as a double bottom and going with an upward swing to around 14500. Lets see how this plays out.
+1 Reply
Xatos Mattytwy
@Mattytwy, What do you think now? Feel free to upvote my chart for my rep. Thanks.
Reply
@Xatos, ha ha ... Kudos my man !!! 1 upvote coming your way. Nice work .
+1 Reply
Xatos Mattytwy
@Mattytwy, +1 right back at ya for being a good dude :)
Reply
@Xatos, well, that worked out for you. Great TA. Can your other chart please kick in now... that would be great
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Xatos Mattytwy
@Mattytwy, Are you referring to XLM?
Reply
@Xatos, no, im referring to your "looking for something like this now" chart on a reply to someone on this feed
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So think she will get down into the 5-6k range?
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ThriveHawk5 ThriveHawk5
Well, you called the first drop to 6k, just wondering if you think it will go back down that far and close the 3rd wave.
Reply
What exchange actually allows you to short sell? I need to get in on this side of the market.
Reply
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