calumon
Long

Bitcoin (BTC) to USD Elliot Wave pattern

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
We had some good time with Bitcoin             the last few days. Nothing special. Somehow in the pattern of correction. But looking at the whole picture, there are a few things that might end this game for many people. Especially these two things:

The MACD in the weekly chart has some space to the bottom... Not just a little bit. But a lot.
With the fourth Elliot Wave building up a Triangle (Triangle in Elliot Waves always appear prior to the last actionay Wave) it shows us that we are (that might surprise some people) in a bearish trend .

To be fair, it's against the rules, that the (B) of the Triangle in the corrective mode surpassed (1) levels of the higher Elliot Wave level. But all in all, it stayed in such a manner that I would still consider this as a 4. Which would mean that the 5 needs to come.

I won't say, the drop will come tomorrow. It's also hard to predict, how low we will drop. But the fibonacci says somewhere around 5000 - which would fit to the Elliot Wave pattern we have here. Now, everything would be Okay considering the correction afterwards which would surpass (3) levels easily. What bugs me is that (1) and (3) are similarily long. If we see an extended (5), this would be a pain in the a** for those who hold bitcoin             .

I want to underline and repeat the fact since this is something huge: the (B) surpassed (1) levels! So, you might say that it's against the rules and the Elliot Waves are just bad placed. But the indicators support my idea.

Be careful and good luck
Nice TA
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