BITCOIN, Global Trend Analysis on Renko Chart

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Today we will take a look at the Renko Chart, this chart can show us trend reversal zones, it is very helpful in making Trend Analysis. Currently, we can see an Eliott Waves pattern, cycle 1-5 began at the $11000 and finished at the $3500. After the 1-5 wave, we usually see a correctional wave ABC , or a reversal wave 1-5. Both cycles have two trend waves at the beginning and a correctional wave between them, but in 1-5 cycle next comes one more correctional and one more trend wave.

Thus, 0A=01 (Trend wave), AB=12 (Correction wave), BC=23 (Trend wave). In any case, after the 0A=12 wave, we can see a correction. At this point we could finish the analysis and tell that now we should open a SHORT position, BUT

There arises a question: "why the reversal should appear NOW, but not later?". First of all, advise you to read my previous ideas, but in case it is not enough - pay attention to circles at the chart.

These patterns are a kind of "reversal candle patterns Renko", usually traders use them not very often because of their accuracy, it is not high, only 87% (according to statistics). Fundamentally, they depict a market behaviour, should it go to a correction or catch a trend reversal. This time they show us that the wave AB=12 starts from the actual points. The target of this movement is located in the $6000, from where we will continue moving within the uptrend to the $9000 area.

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tks for sharing
this is my chart
I also expect a pull back to 6k at least. This is all part of a very healthy correction (short term profit taking) after a parabolic growth. What has really got me worried though is my latest long term pattern that suggest that the price "needs" to touch a specific Fibonacci line before rebounding.

TheEWGuy KingCharts
@KingCharts, awesome :D
Is it possible that we'll see a shorts squeeze before the dump? A lot of traders call long right now...
+1 Reply
Cash-Dash agent474
@agent474, shouldn't we see a long squeeze then?
Bitcoin's Long Term Road Map

Nice chart!
When in your opinion will be this B point? End of summer or so?
+2 Reply
BillCharison Monopoliqa
@Monopoliqa, more likely we will be there in June.
+5 Reply
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