CoinedByCrypto

$BTCUSD Elliott Wave Technical Analysis

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
BTCUSD in a parabolic move

Where are we to look for a possible level for a short**

2227 is my level to look for a possible top for wave 3 in the wave up from wave minor 4.

It's too early to say where this parabolic move will end, but parabolic moves normally end with a sudden burst of the bubble.

One of the few Elliott Wave rules says: The 3rd wave can't be the shortest. That's the reason why I have the alt1 and 2 set in. The 3rd wave is already longer than wave 1 therefore there is no limit for the 5th wave up and therefor the parabolic move could still extend and go much further up and make a blowoff top. But for the time being I look for 2227.

I will track BTCUSD 10.18% ongoing. Stay tuned.

Best to your trading

WALLSTScalper.com
René
Comment: The research for this analysis started back when BTC was 170 dollar lower. But suddenly I was in a hurry posting it - cause 2227 was coming up fast. That resulted in minuette wave 1 and 2 being left wrongly on the chart - I post here the correct and updated chart with corrct count:
Comment: Continues to build on the 4th wave. On track!
Comment: New all time high. Caution here could end up being a truncated 5th wave... Nevertheless the pair in consolidation... No massive short yet... Have to take out supporting trend line.
Comment: A leading diagonal is emerging. Ending the parabolic move up? This could also just be the 1st wave in 5th wave.
Divergens is building on a 60 min chart
Stay tuned

Comment: An alternate count - Could break the support line before making the th wave - quite possible - time wil show:
Comment: Look more and more like the leading diagonal... here latest update: https://gyazo.com/bd331f007d43ce1e22aae1...
Comment:
Trade closed: target reached: Top is in
Order cancelled: Bitcoin can't be shorted but can be transfer to other assets groups.
Comment: The chart:

Comments

Continues to build on the 4th wave. On track!
Reply
CoinedByCrypto aandp4life
@aandp4life, Thanks for your comment! Just after posting we saw a 130 $ correction in less than 2 min which could be the beginning of wave 4 I'm looking for. Best to your trading
Reply
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