WaveScientist

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BTCUSD 100% | 12
WaveScientist WaveScientist BTCUSD, 240, Long ,
BTCUSD: BITCOIN - The sky is clearing...is the bottom in?
626 4 16
BTCUSD, 240 Long
BITCOIN - The sky is clearing...is the bottom in?

So far it turns out that the upper/ideal support zone of 590 - 600 noted in the previous update (https://www.tradingview.com/chart/BTCUSD/2uXftPuh-BITCOIN-Closer-to-resolution/) has held - on two attempts to break below it. This is great news for the immediately bullish count that I've been tracking, which is now my primary expectation, shown in the chart above. ...

WaveScientist WaveScientist BTCUSD, 240,
BTCUSD: BITCOIN - Closer to resolution
528 1 4
BTCUSD, 240
BITCOIN - Closer to resolution

We're nearing a key moment... As I've been noting in the comments in the previous update (https://www.tradingview.com/chart/BTCUSD/nNwiyWlP-BITCOIN-Still-building-the-case/), we've been carving out a 5 wave move toward the area of resistance at beginning at 630. That move is complete, and we stopped about $1 short of the lower end of the target range (at ...

WaveScientist WaveScientist BTCUSD, 240,
BTCUSD: BITCOIN - Still building the case
449 4 2
BTCUSD, 240
BITCOIN - Still building the case

The song remains the same. Although the longer term outlook from an Elliott Wave standpoint remains bullish in any case, we've been trying to answer the question of whether or not we've completed all of larger degree wave 4, so that the longer term bullish trend can resume, or if we need a deeper wave 4 drop before the trend resumes. That question is still the ...

WaveScientist WaveScientist BTCUSD, D,
BTCUSD: Bitcoin - Clarity begins to emerge
383 0 10
BTCUSD, D
Bitcoin - Clarity begins to emerge

Since the drop from the wave 3 high into the low of 6/22, the big question has been whether or not all of wave 4 had completed, or if we needed to see another drop to lower lows to complete wave 4. With the recent break of key support of 605.50, we got the answer to that question as price continued to lower lows. I posted a short term bearish chart to the bitcoin ...

WaveScientist WaveScientist BTCUSD, 240, Long ,
BTCUSD: Bitcoin - the evidence still favors the bulls
182 0 3
BTCUSD, 240 Long
Bitcoin - the evidence still favors the bulls

The pattern has progressed and the market has provided us with more information, so it's time to update expectations. And, although the timeline has shifted, my expectation is still -up- from here. Note: there's also a case to be made for a bearish count that ultimately points to support at 560 - 550, and we have to continually ask whether or not it looks like we ...

WaveScientist WaveScientist BTCUSD, 60, Long ,
BTCUSD: Bitcoin...looks like the train is about to leave the station...
352 0 5
BTCUSD, 60 Long
Bitcoin...looks like the train is about to leave the station...

Wave 1 stopped at 684 (target was 685) and we are now in the buy box for wave 2....a little ahead of schedule. Main support: 660 - 645...although it could reverse upwards from as high as 669 Invalidation of the entry: below 626 Invalidation of the pattern: below 608 From where we are now, breakouts over the top orange line can also be bought. Looks like this ...

WaveScientist WaveScientist BTCUSD, 240, Long ,
BTCUSD: Bitcoin...still sticking to the plan - almost go time
175 0 3
BTCUSD, 240 Long
Bitcoin...still sticking to the plan - almost go time

So far, so good - we're right on track. We're setting up beautifully for a great low risk entry: on the pullback from the current rally (blue wave 1) peak - whenever/wherever the current rally stops. First resistance to end the current rally is at 685. One thing we have to watch out for is a forceful break of resistance, and thus a higher wave 1. In this case, ...

WaveScientist WaveScientist BTCUSD, 240, Long ,
BTCUSD: Bitcoin...settling on a primary expectation
457 0 6
BTCUSD, 240 Long
Bitcoin...settling on a primary expectation

After some time dabbling in lower time scales to get early clues while the pattern off the 6/22 has taken shape, we now have enough waves in place at larger times frames to look forward with some clarity. This count is now my primary expectation in the near term, unless the count is invalidated. Confirmation: above 665.51 Concern: below 621.09 Invalidation: below ...

WaveScientist WaveScientist BTCUSD, 60, Long ,
BTCUSD: Bitcoin finding a path to 1000
221 0 5
BTCUSD, 60 Long
Bitcoin finding a path to 1000

The market has so far not shown any concerning signs of bearish intention, and hasn't violated standard expectations as the pattern has evolved. The pattern is also holding up at multiple degrees. Staying the course, patience will be rewarded.

WaveScientist WaveScientist BTCUSD, 15, Long ,
BTCUSD: Bitcoin smaller picture...hunting for pattern confirmation...
191 0 6
BTCUSD, 15 Long
Bitcoin smaller picture...hunting for pattern confirmation...

The apparent most likely immediate path to overall count/pattern confirmation, on a smaller time frame.

WaveScientist WaveScientist BTCUSD, 60, Long ,
BTCUSD: Bitcoin bigger picture...is this the path to 1000?
192 0 4
BTCUSD, 60 Long
Bitcoin bigger picture...is this the path to 1000?

Based on the same Elliott Wave count and analysis as my previous post. Also, judging by the timing suggested by this pattern/count, this path would setup a drop into the period expected for the "halving"...which could prove to be a catalyst to propel price into the next bull phase...

WaveScientist WaveScientist BTCUSD, 60, Long ,
BTCUSD: Bitcoin breakout seems to be imminent...
133 0 4
BTCUSD, 60 Long
Bitcoin breakout seems to be imminent...

I've been tracking this Elliott Wave pattern since Bitcoin hit the low on 6/22/2016. The pattern has unfolded following standard Elliott Wave rules, in almost textbook fashion. Above the top orange line should confirm that "the bottom is in", and we are on our way to the moon. Check the message history in the Bitcoin chat room over the last several days to see ...

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