BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
According to my elliott wave count we have completed 5 wave cycle and we have entered a correction phase since btc met 14k . Because of that as wave 2 WE CAN NOT FORM A TRIANGLE and it is not a triangle. Everyone calling it a triangle, may be it's not!
So what now?
Now we started a wave up and then a retrace to golden ratio and from there a brief appreciation to 10400 level. This is either wave 1 of cycle degree or wave a of another X of possible WXYXZ correction.
As a result we should look for a long position and look for volume . If volume increases more than the whole correction phase and this coincides with a price increase we can say wave 3 of a larger 3 is in play and we will be extremely bullish .
Right now i cant see any bearish sign except bitcoin overal sentiment that is bullish and as a contrarian i do not like to be with majority.
I'm personally Long.
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