CastAwayTrader
Long

Bitcoin - that one more low does not change my bullish count

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
On 13 January 2019 I posted a chart with a green target box where a corrective wave b down should land. That target box was located in between 3,529-3,427-3,380.

During the following two days Bitcoin could drop only to 3,570 and then jumped. Then in my update on 19 January 2019 I concluded that even though it did not tag my target area that jump off the last low is a sign that the bottom is in.

However, after an a-b-c move off the low reaching 3,714 Bitcoin dropped to 3,543 on 20 January 2019. Even after that unexpected drop it did not touch the green target box. Your main question now is whether that drop changes my expectations about a rally to 5,000. And the answer is no, it does not. That last a-b-c move up off the low to the high of 3,714 should be counted as micro wave iv up and we are in the final micro wave v down that can get deeper into the green box to 3,385 or even deeper to 3,379 without damaging the bullish count.

Because Bitcoin did not reach my green target box several of my bid orders left unfilled. If it finally gets there I will be a happy buyer. I strongly encourage you to read my blog on how you should stay calm and get prepared to unexpected moves markets deliver from time to time.
Comment: We have got a spike down into the green target box. At this point violation of resistance at 3,885 will be a strong sign that the expected rally has started

Comments

BTCUSD H4 Correction up. Checkout the idea detail's and all the update's for the complete picture.
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@Boon2, what type of technique do you use? It does not look like either the classic Elliott Wave theory nor the Harmonic modification of the Elliott Wave theory
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Boon2 CastAwayTrader
@CastAwayTrader, It's basically EW by the book with a couple extra pattern's. A couple indicators to keep me on the right track along with price action. Indie's help me with the count and entries.
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