JimFred
Short

Wave 4 probably just finished.

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
875 10 9
IMO wave 4 of a 5 wave structure down has just ended at 95.

However, there are now 3 clear waves up from the 65 low. Weekly resistance was hit at 95.

From here I anticipate 5 waves down to ensue. It might end in the 40-50 area. In any case, this final 5 wave structure should end the 2013 bitcoin bear market.

If, after a pullback from the current level of 95, a new high is made on the daily chart (closing basis) I will need to reassess my count., Until that time I expect lower prices
RyNinDaCleM
3 years ago
If you don't mind me asking, What is your count leading up to wave-1 down? After the top of course
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JimFred PRO
3 years ago
I should stress that a daily close above 95 would make me re-assess this count. A close over 95 would lead me to presume my preferred count is wrong, and a low is in at 65. I would not be surprised if there is an intraday spike to ~ 100 sometime during the day today. If so, and it sells off below 95 again, this remains my preferred count.
You can see the rest of my wave count for the bear market (pre-wave 1 above) in my previously published chart.
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JimFred PRO JimFred
3 years ago
The rule is that wave 4 can not overlap wave 1. Wave (w/o the wick) closed at a 100 low, not 95. So a close above 100 is the point at which my wave count must be wrong, not 95. My apologies for the error.
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JimFred PRO JimFred
3 years ago
100.44 to be exact
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BullFish PRO
3 years ago
Nice work Jim!
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JimFred PRO BullFish
3 years ago
When you hit the play button, and see what happened next, it is pretty, isn't it? But I must confess when the intraday spiked to 104 I was sweating...
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BullFish PRO
3 years ago
Haha yeah I was sweating like crazy as well. I held tight but started to doubt a little. The fantastic world of trading bitcoin. Now how low will it go? If it had such a huge push up I think those energy levels will be matched on this leg down. Scary and thrilling week ahead hehe
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wonkytonky
3 years ago
next week will be very interesting..for sure
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