BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
The reason why many people get confused when they look at the BTCUSD chart is that we have a rather complex WXY correction instead of the typical ABC or ABCDE.

This chart is looking very good I made this count back in August (see original count down below) and it still holds true.

It just took longer than expected.

How is this chart structured?
You see 3 degrees of WXY corrections (yellow, blue red).

The yellow degree is the smallest and the red degree the biggest one.

The Roadmap:
Ok, so what can we expect?

We are right now in the downwards push (Y of yellow degree and X of blue degree).

After that, we will see a big push to the upside (Y of the blue degree and X of the red degree).

This is the point where everybody thinks that the bulls returned.

However, this is not the case, because we will see one more push to the downside (Y of the red degree).

This is the point where the market will shake out most of the people, and then when no one cares anymore, that's the point where we will go for the next bullrun.

I have similar ideas for LTC, ETH, and XRP, which I want to post over the next couple of days if you guys are interested.

So, if you find this article helpful show it some love.
Comment: The original count back from August still accurate, everything is just slightly delayed:
Comment: As you can see from this example, most of the time everything takes way longer than you expect.

This chart is about the overall movement and not the exact price targets and or timing!

The lines are just there to show the movement that I am expecting, when they will happen and how long they will take a can't tell you.

Maybe I will add more exact price targets in the future.

However, this is about playing the big cycles.

I am not trying to catch the exact bottoms and or tops, I just accumulate on the way down and average out on the way up.
Comment: SUMMARY:
This is what you should take away from this idea.

1. We are pushing deep now
2. There will be a massive impulse where everybody thinks the bulls returned
3. We will see an insane drop that will go way lower than the current one
4. This is when most people will get shaken out
5. When everybody is super depressed and no one believes it anymore the bulls will return

No timing, no price targets
Comment: We are not at the bottom. Just another corrective structure. I see further downside movement for now:

Related Ideas

$10K on charts this december? how come?
Reply
aamonkey WealthHustler
@WealthHustler,
Thank you for addressing this because I forgot to mention it.

I will make an update on the idea. I am not making any statement about the timing of everything that is impossible.

Most of the time everything takes way longer than you expect (like you see from the analysis from August).

I don't at all think that we will fill out the chart like this in this timeframe. It is about the overall movement.

The lines are just there to show the movement that I am expecting, when they will happen and how long they will take a can't tell you.

On top of that, this is a BIG PICTURE Roadmap, therefore these are not exact price targets.

Maybe I will add more exact price targets in the future.

However, this is about playing the big cycles.

I am not trying to catch the exact bottoms and or tops, I just accumulate on the way down and average out on the way up.

Hope this was helpful for you.
+1 Reply
Both Coin Cap and Bitcoin arrived at bottom of triangular convergence.
Now, Can I expect that the drop is over?
What do you think about this? I want to hear your opinion.

1) Coin Market Cap

2) Bitcoin


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A Closer Look!

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I still think about Sell for BTC (it's my thought of the previous week - and for now too):
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Why the reason for your D1 count to change so drastically since your last D1 ldea?
Your WXY can not be correct if this is EW as X broke the low and your Y is forecast to not break the high of W?
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BTCUSD D1 Long Term EW Analysis. Checkout the idea detail's and update's for the complete picture! Get it here 1st.
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