Likely Elliott Wave Count for Bitcoin

OKCOIN:BTCUSD1W   Bitcoin / Dollar Forward 1 Week
Great place to start re-opening shorts with a tight stop-loss. Counts on the lower time-frames support the ending of Wave 5 of 5 of c of 2 of (3)

There's also a big bearish momentum divergence on the AO at this time-frame and a 62% retracement of wave 1 of (3). Since this appears to be a Wave 3 of (3) on the horizon the next drop will be extremely strong. Bulls beware.

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Thinking similarly.
+3 Reply
I have a similar idea. We almost, but then did not break though the real resistance. Which would have been going beyond 1430 CNY on OKCoin.
+2 Reply
Wow, interesting. Time of target <200$ is 3-4 days?
Intuit PRO oldstout
Probably something like that. I'd say within a week we'll be under $200
+2 Reply
Hi Scamcoins. What do you make of this talk about a bounce to 240 before continuing down?
To me it needs to complete the correction downwards first.
Intuit PRO rubenthin
Something like that could be possible, but I think this is also pretty likely. Looks like wave 1 could be a leading diagonal. Or alternatively it is an ending diagonal wave 5 in which case we could have a chance at 240.

Wave i/v is a leading diagonal/ending diagonal, not wave 1
Here's an updated internal count. Great place to short if you aren't already in position.

UPDATE: Bitcoin, Build em

I'm favoring this new count. The current one could still be possible but I'd say it's a slim chance considering the momentum on a higher time-frame. This will create a big bearish divergence and give us some momentum to break through this support. Also it will create some nice harmonics :)
UPDATE: Another possible count if we don't start dumping right here and now:


Also keep an eye on the other possible pattern here:

UPDATE: Bitcoin, Build em

Right now I think the most likely formation is the horizontal triangle, second to that is the current chart, and the final possibility is wave c up to 231/240 forming a harmonic like my most recently published chart. Chances of ONE of these being right is extremely high. Due to the ambiguity of this trade using fractals is a great way to keep yourself with the trend.
UPDATE: and hopefully the last one! (check description for more info)

UPDATE: Bitcoin Bears Flexin
Hi Scamcoins. I have the same wedge/diagonal and was expecting last nights breakdown to follow through.
Odd how this wedge seems to be made up of back to back impulses rather than back to back ABCs??
rubenthin PRO rubenthin
*referring to the cny chart more so...
Intuit PRO rubenthin
It's kinda hard to say but Wave A and wave C are both definitely Threes. Wave D and B are kinda iffy and could go either way, I'm kind of thinking they are impulsions and that instead of this being a horizontal triangle (its not a wedge/diagonal like you said, those must be slanted) it is actually a series of 1/2 waves leading up to a 3rd wave extension.

At this point it is very difficult to come to any conclusion other than short with stop losses right above Wave C
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