In the attached chart you can see that we just formed a perfect bat on weekly futures on the lower time-frame. The Elliott Wave count also supports this being the end of the pattern by way of the terminal impulse in the Wave v inside of what I believe to be Wave (c). If this is correct it means that this big daily correction on bitcoin is not over, and that we are actually in the middle of a Flat, which means we should get one more impulsive wave to the upside before we get another big dump. Time-wise this all makes a lot of sense because the move from 219 to 244 is too small compared to the move from 294 to 219, which it would supposedly be correcting. Also the dump starting from 245 high retraced very slowly and still has not broken the 219 low. Also, the end of Wave c of (2) on the daily chart lines up perfectly with Quarterly Settlement on OKC futures. My guess is that we should finally get the really big dump right after quarterly futures settle.
Other signs that this is bullish are the daily bat that appear on BFX and Houbi, The 76.4% retracement of 295 high, The daily momentum starting to shift up, Daily bearish momentum getting weaker. and Lower time-frame bullish divergences.
An important thing to note: This new wave up should be a Wave c, which tend to have breadth. Meaning, that we should see a collective of altcoins pumping with bitcoin. Since most of the alts are pinned against bitcoin, chances are that these are going provide much larger percent gains than bitcoin. I am personally going to keep my eye on XRP, Dash, STR, and LTC, however, I'm sure there may be others that will pump that I'm not watching.
Small update here, Looks like we are in the start of a wave 5 of (c). Good opportunity to take-profit and re-open lower. Shouldn't go much lower than a double bottom if it does end up even making it that far.
Intuit
⋅
UPDATE: Looks like we could be getting another wave up. Its likely that this is Wave 5 which will complete the chart that is posted above SO LONG AS we do not break over the current high, (or more precisely, wave 5 is not longer than 61.8% of wave 3 on an hl/2 chart)
In the event that Wave 5 IS longer than 61.8% of Wave 3, it will most likely mean we are in a 3rd wave extension, and that we could take a shot at 280+
Intuit
⋅
rivet.popper
⋅
LTCUSD is looking like the same setup as on May 22nd too, with the pennant, etc. It turned into a short breakdown before pumping, so wonder what this time will bring...
Intuit
⋅
This chart is still in play. If we complete this impulse before breaking 1610cny on the 4H median chart we will have most likely completed a 5th Wave Failure for Wave 5 of c. This means it will retrace very quickly and we should begin the journey to 209 and below.
The alternative is that we form an extension and have a powerful wave up similar to LTC. Based on this chart:
1610 is the confirmation line. If it remains unbroken I will be entering in shorts. If it breaks I will be adding to my long.
rivet.popper
⋅
So today we seem to be forming some kind of pennant after the runup. I think we'll consolidate and then pump again in a few days. Your thoughts?
Intuit
⋅
Yea could consolidate for a couple days. Not really sure what the EW count is yet, it's alot easier to tell once the pattern is completed, right now I'm just waiting because I got settled out of my shorts minutes before it dumped and I just woke up. Something will happen eventually but no trade zone right now for me until its more obvious what kind of pattern we are in.
rivet.popper
⋅
We are in the money, pal! Nice one. Any ideas on where we're going now?
Intuit
⋅
Hell yeah! LTC is the real winner here, though, glad I moved most of my coins over to there.
My guess for BTC is that either we go to 260 like this published chart says OR we could even do something like this considering how much momentum we have.
I actually think something like that is very likely, however, I'm just going to take this one day at a time and see where it goes.
rivet.popper
⋅
290 would be delicious. In any case LTC is where the money's at right now so I think we can assume it will make even bigger gains.
Holding tight for the new ATH sometime this summer...
Small update here, Looks like we are in the start of a wave 5 of (c). Good opportunity to take-profit and re-open lower. Shouldn't go much lower than a double bottom if it does end up even making it that far.