I believe we have just completed the 3rd of a 3rd of a C wave on Bitcoin. It is looking like a typical zig-zag correction before a further 5th wave downward in late January/early Febuary. I do not believe this C wave will reach the expected 1:1 extension of the first bounce so I will be taking profits at the .618 and the .786, which happen to be very close to...
I believe we are currently in the 4th wave of a 3rd, of a 3rd of an A wave on the cycle level. (depending on what you label as cycle) I have thrown a time based fib extension to give us a rough time frame of when these market moves could happen.
A possible Elliot Count That will put the low sometime in March or April of 2019. This bounce around 3240 was very easily predicted based on diverging RSI and the -.236 of one of the major market moves. I expect the trend to test 5600-5800 before finally finding its new low around 2600. Of course there are other valid counts, I just see this as the most likely....
This recent bounce has been playing perfectly like an ABC correction. The C wave will soon hit 100% of the first, which lines up with the top of the 4 wave on the way down. ~6510-6520. The RSI is also very high on the one hour, and could easily bearishly diverge on a 5th wave upward. I expect the next large stopping point is 51-5200.
It would appear BTC has completed a full 33333 expanding triangle on the one hour chart. Be ready to play the breakout, in either direction. The market is due for a move! If the move is down I expect a low at $5200.
The last 2 moves have ended at the .786 extension of the prior move in their direction. If this trend continues we will see a false breakout below the descending triangle before a large market turn around to the upside. ~$5200 is the target.
XLM's partnership with IBM has been proving to propel this coin to the front of wall street's attention. If bitcoin turns around before we break south of this triangle, technicals point to atleast .00008 BTC/XLM
Simple Elliot theory tells us to aim for the 1.618 on wave 3. This lines up perfectly with past resistance. Retracements are likely to bounce off the .382 along with the 55 EMA looking to support around the same region. This isn't rocket science. It's just fundamentals.
Clearly entering the 3rd wave of an elliot pattern. Here I determine the Likely fail points based on both fib extensions and previous resistance levels. I would watch the orders closely just past 200, but hold as much as possible for 215-218.
Is this recent gain a first wave diagonal or just another bull trap? If we are looking at the bullish scenario we could be looking at highs in the low 200s again very soon, assuming BTC doesn't massively tank.
This Count may not be correct, but a failing 5th wave explains the continued bearish trend in the market, and leads me to believe we could still see Lows of 8200-7200. I am not saying this is the correct count, and I hope it is not, but I think too many people are discounting it.
Neo has made several of these bounces in the past month, and this recent retracement happened rather quickly. We are now trading between the .618 and .786 fib levels, and at least a wick should hit the .786 soon. The triangle being formed is still a week or two from closing, and expect a bounce back to above .01355 :)
Shout out to SkrillaKing on youtube, helped me see this pattern and I got in on the last cycle making a quick 14.8% , and I am doing this chart to post in his discord. Neo has gone through 5 cycles recently where it dropped below .011 Satoshi, and bounced to over .013. Although the triangle that is being formed is closing, it looks like it has room for 1 or 2...