BTC - For the Elliot Wave Idealists

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
So in the past few weeks, a couple of people have questioned whether this is a grand impulse wave down, annoyed by the fact that wave 4 would have to go into wave 1 territory. I've updated my chart to show an ABC correction after an impulse up to 19.9k. The outcome that is applicable over the next few weeks doesn't change much, as I have been saying.

In an ABC correction, wave C tends to correct to the wave 4 bottom of the impulse up (see Nov 2017 low, point ). Therefore, wave C may likely go to 5.4k ... and a double bottom test of 6k is also possible. Both for me are credible end points, before the market sentiment changes. Many are switching their tune based on the bull euphoria right now ... but is it a bull trap. Some wary investors are not satisfied with wave C ending at 6425, above wave A (6000). To complete the correction, technically wave C should at least retrace to the 6k level.

Another point is ... is wave B over? Possibly not, it could retrace up to the all time trend line 1, that would be a real bull trap! Given this is likely an ABC correction now (referring to mini wave), it doesn't change my expected bottom for wave C.

Let's see.

Remember only a fool relies on one potential outcome.

Do not rely on this information for investment decisions. For educational purposes only.
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