tekewena

BTC - Possible drop prior to halving UPDATE

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Looking for projected intersections of Andrews Pitchforks (APF) together with support from Elliot Waves, larger timeframe RSI's and trend channels to see if a valid trading strategy using these methods can be developed.
Comment: TYPO - Also intersect here May 10
Comment: Need the drop to $716 to confirm completion of Elliot ABC Waves to complete Wave 2
Comment: A drop to $716 doesnt look that promising at this stage with BTC breaking through resistance on one of the APF channels. Once price breaks out of the channel then the channel gets redrawn off the new Highs or Lows. The second APF channel resistance is still valid but it only supports a low around $1900 - $2100.
Comment: Well BTC looks like he wants to go even higher having now broken through both minor APF resistance. A major drop before the halving is looking less likely though still not out of the woods yet. With all the extra pre-halving interest and support in BTC we could see BTC up at $11078 on the 10th, being confluence of major APF and minor APF resistance (See redrawn chart).

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