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Bitcoin - BTC Detailed Elliott Waves Count | 26 June 2018

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Here we have an overview of bitcoin's performance. Since January, BTC has started a downward journey due to its correction. Assumingly, an ABCDE type of correction has been formed which is fitting in a descending triangle pattern.

Major Support and Resistance areas have been drawn where the support line coincides with 0.786 Fibonacci level. Moreover, you can observe the sub-waves of ABCDE. Potentially, Wave E can re-test the support area again.

The key element is when we are going to test the resistance which is at 8900 - 9100 $, If we successfully break above this range, we can confirm an uptrend to higher highs.

Let me know your thought in the comments!

Comments

Your D/E wave with the supporting 12345 structure under mirrors my own XRP analysis . The difference is that Im looking at the 4H chart and so also have the supporting structures inside the 12345 impulse wave.

Either way, we are in a correction wave area at higher degrees, and even should the price regain bearish momentum it has to finish a correction wave first. In the case of BTC that would take it to 9000 level at least, and XRP should see 0.57... above which would signal a new bullish impulse wave instead of a correction wave.
+1 Reply
Correct ......
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