tekewena

BTC - will BTC bounce or break Support @6000?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Btc nearing support at 6000
If it bounces off support and breaks up thru resistance channel
then that augers well for the start of the third wave of an Elliot 5-Wave uptrend.
Bouncing off the 6000 support rather than breaking down thru it
will confirm the completion of the Elliot ABC correction wave
this year.
Wave C provided the 6000 support and start of Wave One of the 5-Wave uptrend.

We will soon see how this plays out over the next 5-6 days :)
Comment: Awaiting drop to 6000 support next week
then bounce through the 7000 - 7295 parallel downtrend resistance.
If so, we may well then have the start of Wave-3 of an Elliot 5-Wave major uptrend.

Have a great weekend and lets see how Mon - Thur next week look :)
Comment: if you're thinking, "What if it breaks through the 6000 support?"
Breaking through the 6000 support will nullify the ABC waves.
Wave C that formed the 6000 support will now become Wave A
Wave 1 will then become Wave B
And the break through the 6000 support will become Wave C
Where will Wave C turn?
How low will it go?
Will Wave C be of similar length/depth as Wave A?
Will it be shorter?
If shorter, then probably wont see too much shorting,
maybe to within the 5000 to 3687 range.
If longer/deeper, then could see a lot of panic shorting
to 1000 + / -

Wont that present a great buy-in opportunity :)

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