DanV
Short

Bitcoin BearishTrend Resumes

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
3506 17 16
The last chart with short term bullish expectation did not really find follow through, though long trade would have been profitable still. However, now the Flat pattern described in earlier charts and Youtube videos (i)https://www.youtube.com/watch?v=6Q4SZsJAWIs and (ii) https://www.youtube.com/watch?v=7XB2CDRQJxo is likely to play out to the downside in that we have 3 swing down and 3 swing up to form the Flat pattern with wave "c" to the downside which is already in progress. This is more likely to form 5 wave decline to new lower low, with AB=CD Measured move targeting 300 range. If it morphs into a potential large triangle then support could form around 600 level, though at present remains a possibility however slim.

I might not be able to update this after 30th Jan as will be away till 3rd March. Thank you for your interest in my chart and hope you find it useful in your analysis.
http://www.danv-charting.com
https://www.youtube.com/channel/UChJVIJir7nymD9J3ZWoal-w/feed
https://www.tradingview.com/chat/#E4bnOJSWcO1zDjBG
Thanks for your hard work mate, especially the vids. Amazing resource! Have fun on the holis :)
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Thank you.
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For additional details please refer to earlier chart which are now in play , they have been delayed
BTCUSD - Bitcoint in Bearish Configuration
and
BTCUSD - It
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The recent correction is only 50% of last move.. which is still good.. and only went down so fast IMO because of the panic sellers... I think still upwards. More to go.
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Well you could be completely right. I have been entertaining more upside bounce but it did not appear to have momentum to achieve those targets. Now the momentum is gaining to the downside. That suggest that any bounce are likley to be just retracements in down cycle.
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Only time will tell.
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thanks!
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Yikes a low of 300 on gox would be about 100 on bitstamp/btc-e if gox inflation holds.
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AlbertoBolton, I work with the relative value, no the absolute , 300-20%=240%.
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makes sense
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The divergence is tight
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My last update before I go on my holiday and return on 3rd March. We are still in a down trend as per main chart and as long as the downtrend line holds the counts will remain valid. Happy trading and will look the the whole analysis on my return.
snapshot
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DanV is God.
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Looks like you have these counts downpact for Bitcoin. Much easier to count EW's when you have the entire history.
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wow. Great prediction, Dan. Where can I find your vids? You have a lot to share!
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64 is the magic number, it was spoken
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Hey dude! you will never publish EURUSD charts? :(
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