BitStamp (Eliott Wave + RSI)

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
This is another option for an Elliott wave . Special thanks to the user sujoy.sikder.

Let's have a look at the chart. I focused on Elliott since the last bubble and now it makes more sense. The yellow wave is a retracement of the bubble. The black invisible waves complement the big yellow.

Here you can follow my analysis:
I think that $400 is too low to bounce there. When we are at $400 the chart is going in this dangerous double top looking territory:

Therefore I expect a bounce at $440, especially at $450 - but I'm going to let me surprise what the collective wisdom of the market thinks.
+2 Reply
ChartArt ChartArt
What I wanted to say: If we reach $400 we are on the brink of sinking to $100 if there is no quick and strong bounce.
+1 Reply
MoonTrader ChartArt
I agree. $400 was the major support ever since the last bubble, and when it finally broke it, there was an immediate bounce up to $540, so I think we're in dangerous waters if we go below $440s for any significant amount of time.
+1 Reply
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