Have bitcoin bottomed? for BITMEX:XBTUSD.P by WaveNerd

chartpattern waveanalysis bitcoin elliottwaveprojection

Looks like bitcoin has finished a double zigzag and correction could be over. Its overbought on weekly rsi and so far there is bullish divergence on Daily timeframe. 22.4 is key area so lets see if we Can break above that.

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We might get a move Down to 19 k to finish a flat like this

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Alternative this

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5 waves Down May be complete

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This move up might just be a wave 2 to 21.5. If it is the Big flat to 19 k still in progress

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C wave complete? Looks like 5 waves developed as an expandeddiagonal

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We Got bounce up but it appears to be a 3 wave up. Looks like we go below 18.6 again. If we does the flat mentioned above becomes highly doubtfull. I wil update when clarity

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I doubt it was a c wave of flat. Looks like more downside. Could be a wave 1 down or an a wave of a b wave

18.6 is key to watch for now

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looks like we are in a complex bwave (or possibly w2 ). I cannot count it any other way, than an exp. flat foolowed by an x wave up.

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Looks like wxy correction finished. This must have Been a wave 2. So the move up after the flat must be 5 waves afterall.

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Or we could be in a triangle heres a b wave. We’ll see

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Wxy pattern as wave 2 or b wave. We are currently in a b wave unfolding as a triangle in a zigzag to complete the y wave.

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Waveupdate. 5 waves up as an exp diagonal. We come dovn in a wave 2 now.

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Overview

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Wxy to the downside May be complete

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Looks like we might have 5 waves Down here.

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If its 5 waves i look for this pattern.

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A complicated wavesequence but I Think its done. Its a 3 wave structure afterall if current lows hold

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Updated count. I Think we have 2 impulses up. The blue ones. In between a Big flat with a truncated wave c ( the yellow abc). Question is now if the 2 blue waves is a zigzag or 2 first waves of a bigger 5 waves up.

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Move up does not seems finished. Looks like an ongoing impulse up

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Move up. I Think its counted like this. We are correcting further Down in a wave 2

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Wave 2 looks done

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Another 5 waves up seems complete. Correction before further upside.

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Expanded flat playing out here i Think. Support at yellow Line which is weekly 200 ma.

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If we are in a c wave of a flat I would count it like this. Its a possibility that its not a c wave but a bigger decline to the downside. Watch for a zigzag Down to confirm w 5 of c. Yellow Line should hold if this is a cwave

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Not the flat scenario. Instead maybe a bigger flat like this

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Mistake. The small flat is still valid if current lows hold. Posdible c wave hit 1.38 and we have not broken 200 weekly ma. We could hovmod from here

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Cant say i Can see i clear count for the subwaves - very messy but the last wave action looks like a triangle. Im doubtfull Bout the correct count but for now it looks corrective.

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Move Down could be a finished zigzag. However i really doubt it. My main bias is we are in a c wave Down of a bigger flat like this.

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Could be Bull up. We did a wxy. As a possible red 2. We Will have to see if we manage to go up to the White Line

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What a mess. My bullish count is zigzag Down from top. Then a wave 1 and we still in wave 2. Kind of messy here. Lets see if this plays out

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Move up is a zigzag not a bullish move. ( unless we get 2 more waves up). If it was a zigzag we are most likely in a running triangle with the last ewave Down to 22.7 again. This would make this macro structure. The triangle must go Down in a zigzag to the zone of the yellow Line.

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Complicated count. Atm I stick with this 5 wave count. The last Move up may have Been an ENding diagonal but hard to tell

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5 waves Down . It seems. I see 2 possible ways to count the ladt 2 months see below

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We have finished a wxy wave which was a wave 4 in a 5 wave decline from Tom. We have started the 5 th wave Down to new lows

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Or we have finished a w and x and we are in a wave y up to 26 k area.

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Looks like a zigzag building up with a triangle as b wave. If so this is a bearish setup once it has completed

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Alt. Triangle complete and we get a dip Down to finish 5 waves like this

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Chipchop stil. I think latest move down was a leading diagonal as. 1 wave. We are in a wave 2 up now

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5 waves down now complete.this would be a 1st wave of a bigger 5 wave structure down to new lows. We now building up a wave 2 up. Levels 20.8 and 22.4 are the first levels to look for finished wave 2.

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A wave of a zigzag to the upside in progres. We are in the beginning of wave 4.

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Wave 4 looks complete. Wave 5 up to 22.2 k area, then b wave Down

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2 videos out. Check them out here:
Makrocount bitcoin 0-69000
from 69K and down here:

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