anilmangal
Long

BTCUSD possible wave count

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
1416 16 78
The correction took longer than i expected, it now looks like an abc with a lower level abc within the b wave.
If the correction is over then this will be an expanding flat.
There is still the possibility for more down side to make a lower low (since the monthly correction may not be over)
wait for the break out to confirm the up move .

I will post possible trade setup on lower time frame
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Bingo!
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Update on this pair
+2 Reply
God job!
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Awesome chart analysis. Thank you Anil
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the first correction starting a the ((A)) could it be a contracting wedge?
+1 Reply
TA doesn't really work on Bitcoin, from my years of cryptocurrencies trading experience. We need some huge news to hit it hard, just like what Greece did 2 months ago.
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Wave patterns are on all charts . News events a often the driving force to move the market but understanding wave patterns would give you a very high probability of forecasting the direction it will go when the news do move it .
+6 Reply
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