chessnut

BTCUSD EW analysis - bearish flat count, great form.

BITSTAMP:BTCUSD   Bitcoin / Dollar
1635 6 12
The BTCUSD             pair has struggled to reach 300 since the tragic spike to yearly lows at 150. It was clear since the coinbase news ponzied the price to 1900 and then back down to 1300 that this bounce is clearly corrective. The spike to 150 also wiped out our hopes for a clear cut wave v count of wave c, another reason to believe we are not quite done yet. What we have here is a flat correction in EW analysis, 3-3-5 where wave A is an abc, wave b is a triangle, and c a very clear impulse. Since this has excellent form as a flat, it makes me confident that we are yet to see further new lows this year and very possibly from this point as a medium top.
wonky_tonky
2 years ago
your C (298)is lower then your A(315)?
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chessnut wonky_tonky
2 years ago
yes, not a problem in a flat correction. Its called a wave C failure, it happens often in flats. it should not happen in a 5-3-5 however.
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I agree with your analysis: it's a rather pristine flat, actually.

One question: I have a nagging /feeling/ that the C isn't quite done. Any thoughts there--either way?
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the_batman PRO the_batman
2 years ago
Nevermind, apparently :)
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chessnut the_batman
2 years ago
Yeah, it hasn't lost all bullish resilience so I think it could get set off a bit higher, although it seems to be playing out the early signs of reversal.
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very nice
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