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UPDATE: Bitcoin Bears Flexin' Their True Strength (Elliott Wave)

OKCOIN:BTCUSD1W   Bitcoin / Dollar Forward 1 Week
For ease of viewing I am going to include the other possible valid count below. However, currently I am favoring the above count. The reasons why will be listed below. Note that both of these counts are overwhelmingly bearish on a higher timeframe. Any bullishness is going to be quickly and violently stomped out. Being long at this point is very risky, and being long below the red dotted line is financial suicide.

UPDATE: Bitcoin, Build em


Now for the important question: Why do I think this is the most valid count?

  • Wave (1) is likely a leading diagonal
  • Wave iv fits into the proper time targets (unlike previous counts)
  • Wave A is a three
  • Wave B isn't clearly a five or a three, however, it is most likely a three.
  • Wave C is a three, I had originally expected it to be much larger and form a harmonic at 231/240, however this is unlikely due to the subdivisions of Wave C and the structure of Wave D
  • Wave D appears to be a three, and also stopped at this trend-line very nicely.

Note that a break under the red dotted line is a strong sell signal and a break above the green dotted line is a short-term buy signal.

Since the upcoming wave is Wave E the best strategy here is to be getting short the closer we move towards the top trendline , or alternatively, immediately after the trend begins turning to the downside and/or we breakout out of the bottom of the triangle. So long as we don't break above Wave C being short here is a great position. If we do break Wave C fall back to my Long chart (targets 231/240) which will form a very nice bearish harmonic pattern before we finally take the plunge to new lows.

"The Master's power is like this.
He lets all things come and go
effortlessly, without desire.
He never expects results;
thus he is never disappointed.
He is never disappointed;
thus his spirit never grows old." -Lao Tzu

Good Luck Traders! :)
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Also something to note is that this chart breaks below the low at ~160. That is a massive fractal break and although we will most likely pull back after we hit my target we should continue to drop heavily after that point. Very likely we see low hundreds or double digits within a few weeks.
+2 Reply
Note this chart is invalid. Fall back to this chart for now.

UPDATE: Bitcoin, Build em
Reply
derp derp someone is missing the picture. mr /most/ valid count.
Reply
Intuit PRO the_batman
Thanks for you insightful comment
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