ivogruev

The pattern is unclear!

BITSTAMP:BTCUSD   Bitcoin / Dollar
264 0 5
Bitcoin bounced back after the low at $465. The size of the move is big and one would say that the new bull trend has been reestablished. Unfortunately the pattern is not very convincing. To trust the bulls I need to see a clear 5 waves up. Some exchanges like BTC-e, and Bitstamp show a very ugly 5 waves move which I can consider as an expanding leading diagonal . Every time I see this pattern I prefer to keep some skepticism about the reliability of the pattern. For the other exchanges it looks more like a corrective up move and we have to prepare for at least one more new low. I need to see how BTC will test the bottom at $465 and then will be able to make a new forecast. There are several supports: 560, 550, 530 and the fibo retracements. If the bottom is already formed then some of this levels will give support for the price and the bulls will reemerge.
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out