Nuseii

BTC/USD OkCoin Reversal

OKCOIN:BTCUSD   Bitcoin / U.S. Dollar
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I believe we are in the process of correcting from our traversal up an Elliot Wave , 5 levels, and are now coming down, 3 levels in a Major Correction.

Currently C is undefined as we are still in a pronounced downtrend. I'm a firm believer in the "danger zones" of 23.6% and under, and believe for a stock to succeed it must not breach this zone, or rather, if it does breach this zone it must rebound in spectacular fashion.

My overall prediction is a reversal between 35x and 36x. Worst case, 34x. This would be the 0-15% zone, where the weak old investors from the orignal 0-15% Fib zone would now be replaced by stronger hands who will help the rally for the new 5-Cycle.

I am currently long, from 395, but this is due to a mess up in a trailing stop that should have triggered upon $10 difference.

I would remain clear and not buy until the trend is defined, PPO curls to -2, and more volume pumps in.
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