noobtrade232
Long

BTC Time and Price Analysis

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar

In this analysis I will go in the order of long-short term charting and try to explain in depth as simple and short as I can, feel free to comment below , Enjoy.
So first off, what we have here is a WXY correction(Double three combination correction)e.g
http://www.elliottwave.net/educational/basictenets/basics_images/fig_20.gif
And we currently have an ending diagonal triangle forming as of now e.g
http://www.futuresmag.com/sites/default/files/tt1%20apr6.png


Now we proceed to our price targets of the year , we now find the possible fib retracement targets Btc has for 2018 with the use of trend based Fib Taking the highs of 19k, lows of 6k , and the retracement up to 10k to find our possible last target for wave Y, which lies at the 0.5 retracement of around 4900
We then use the highs of wave b, lows of wave c, and highs of wave d to calculate possible fib retracements for our final wave E which lies at the likely target of 5160,
Hence my recommended buy zone is from 4900-5160 for long term hold.


Time analysis
We now dive into time analysis where we take the swing high of wave b, swing low of c , and swing high of d to find the time approximate for wave E, a minimum target of 1:1-1.618(common retracement) is given in this chart which is from around September 13 to October 13. The 1.618 time retracement coincidentally meets with not only the trend line that led me to the assumption of retracement of 4900 but also meets with the 1.618 time retracement area.

Hence in a nutshell my targets for lows of this year are anywhere from 4900-5100 area and i believe it will happen around October periods
Hope it helped you !! Happy trading.
DISCLAIMER:I am not a financial advisor and these are just my own personal opinions to give you more exposure to your last decision on whether to short or long Thank you .

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