zroman87

BTC finally starting our way down to the bottom

Short
COINBASE:BTCUSD   Bitcoin
The Elliott Wave count was very hard to figure out for awhile, so I ditched it. After the 5th wave completed on the Micro level that confirmed it for me. Wave 3 was so overly extended (which was the reason the count was hard) that wave 5 was almost a perfect 1:1 extension of wave 1. Next was our larger B corrective wave, which a lot of analysts were trying to count 5 waves up, but couldn't. That's because it should only be 3. Many people thought it was the start of a bull trend. I made no trades until I confirmed the 3 waves up + RSI + MACD + Rising Wedge + 100 EMA resistance on the 4-hour timeframe. When it broke the wedge and started to fall hard it was evident we were/are starting our final C wave composed of 5-3-5. We are now finishing wave 5 of the first 5 waves. The bottom will be determined easier the closer we get, but for now, I would expect AT LEAST $5,800 for the double bottom, possibly lower. Thumbs up if you would like me to update this.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.