tanglebot

Reverse ABC Waves in Play - Swing trade Bitcoin for great profit

Long
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
As per Elliot Wave Theory, in a down trend the corrections ( ABC Waves) will be towards the upside and 12345 will be towards the downtrend. If you analyze the spike from 6000, it is a perfect ABC wave followed by a 12345 wave towards down.

I think we have come to the end of the 5th wave and now we will have the ABC correction towards the upside.

So, the possible targets to swing trade are as follows.

1. End of next A wave will be at 50 EMA daily resistance.
2. Then fall to the support of 20 EMA daily, which will mark the B Wave.
3. Then again spike to 50 EMA daily resistance, which will be the end of C wave. You can short there.

After that the 12345 downtrend wave may even go below 6000 levels.

Analyze the charts and if you agree, please give a like and let me know your thoughts on the comments :)

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