Eboard10

BTCUSD Short Term Corrective Rally

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
We are looking at a possible short term rally to $270, targeting the 61.8% retracement of the late August drop over the next week. To the right of the chart, the first Fibonacci levels represent the extension of Wave (A) to estimate levels for Wave (C). The second scale represents the extension of Wave 1 of C to estimate the levels for Wave 5 of C. It's possible that Wave (C) will be topping just under the $273 mark as the 1.618 extension of Wave (A).

If BTC             breaks through the $273 mark, the next resistance will come at $292. If, instead, the resistance holds, we will resume the downtrend into possibly the last impulsive downmove as a larger degree Wave C of Y of the full 2+ years correction which will lead to double-digit figures (yes, you read it correctly).


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Eboard10
Posting the correct count from the above picture where I mislabeled Waves (A) and (B).

snapshot
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snapshot


Update on the recent jump to $267 which is following the count in the OP as a Wave 3 of C, hitting the 3.618 extension of Wave 1. We should expect a short but sharp retrace before the last move up to ~$274 as the top of the entire corrective move. Stay tuned for more.
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