BTCryptic

BTC/USD 5 day projection

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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First let me preface this with I am new to TA and just trying out a few tool combinations, and I am open to constructive criticism.

I was working with E.Waves throughout the downtrend and projected the bounce out of that downtrend channel two days ago. Once we got through that channel I again used projected E.waves in based on Fib retracement from points 1). and 2).

Using Point 0). , 1) and 2). I projected point 3). using Fib Extension .

I used the FIB retracement from Point 0). in conjunction with the FIB Extension results (from the prior step) and the rule that Point 4). would not be lower than Point 1). to 'guesstimate a reasonable FIB ratio for Point 5). , which also fell within the yellow lines, which seemed to be a reasonably healthy channel of growth before we went parabolic in DEC.
I believe that people accept those price points w/o too much reservation.


1st public chart. Should be interesting to see how things play out.
Comment: 11:29 EST - I do know that this whole premise could be shot down with point #3), not having totally formed it's high yet - which of course will skew points #4, and #5.
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