CerealTrader
Long

Bitcoin - Elliott Wave Rise

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Analysing this channel for a possible exit...not downwards/sideways but upwards.
Can see price consolidation within the current channel of Mcginley Dynamic and 200EMA as volume is now at lowest level since $6000 although becoming reactive at any chance of trend reversal, good sign, showing trader's hunting for a bottom. It seems likely volume will continue to be a issue during future resistance levels, as they say "volume goes with the trend" so without volume we are going nowhere.
.......how do you get volume without volume , still researching this question.

RSI - holding steady around 40, definitely can be seen as undersold with room to rise but without volume it may have to retrace slightly downward under 30 or align with another indicator for this to be beneficial.
StochRSI - Bearish , oversold and heading downwards, will add pressure to increase time span before Elliott ( ABC ) commences.
MACD - Bearish , waiting for lead up with entanglement on the cross-over.

The end of the Elliott Wave (12345) price dip could lead to a increase of volume , if this happens, it could result in an initial RSI dip making undersold a viable trade.
What would make the Elliott Correction Wave ( ABC ) attractive is if BTC             price rebounds back into the Green upward channel (created from current price stagnation and current Fibonacci Retracement ) & above the McGinley Dynamic (which would become support) This would likely see slight trend correction which will again face resistance at 0.786 Fibonacci & then 200EMA (B & C).
Being that BTC             is currently holding the 0.50 Fibonacci level which is converging with McGinley Dynamic, sideways movement from this point may break down the future Elliot wave ( ABC )
Side Note: With Volume so low and CME Futures at record Contracts (Open Interest is low, but this could be seen as reason why price has lost volatility .
http://www.cmegroup.com/trading/equity-index/us-index/bitcoin_quotes_volume_voi.html
how can wave 5 overlaps wave 3? that's not possible to complete Elliot Waves. double check this, please
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CerealTrader Litoidean
@Litoidean, True & wave 4 is into wave 1, but its more about the corrective wave to follow, if you were to take span from 3 on the wave to the Correction (ABC), the Indicators show support for such a rise.
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