The back of the bear has broken. We pierced through the magical 7500 mark, which invalidates my bearish elliott wave scenario. We are officially bullish now. Since the last micro wave 2 was a zigzag we can expect wave 4 to be a flat or triangle according to the guideline of alteration. This wave 4 sideways correction is likely to last longer than wave 2 correction...
Minute wave c is coming to an end near the bottom of the big symmetrical triangle that people have been talking about. Wave (iv) is a triangle that overshot the end of wave (i i i) two times. Look for high volume near the symmetrical triangle to confirm support and bottom. Stop loss below that level. Long hold.
A leading diagonal has completed wave (i) and we are on a corrective wave (2) upwards. This correction might be a zig-zag, though is too early to tell for sure. Look for Stoch RSI to drop below 20 and make a positive cross for a long entry within few hours. Target around .618 fib level of wave (i). Stop loss should be set a bit under previous bottom at 8100.
Minute wave 3 completed near 9800. We are now on minuette wave (c) on minute wave 4. Wave 4 could be a zigzag that has completed diagonal minuette wave (a) and zigzag minuette wave (b) and is now trying to complete its final minuette wave (c) that appears to be a triangle (contracting or expanding depending where subminute wave d completes). The wave (c) triangle...
Minor wave 5 and Minute wave 2 have completed and the bottom has been found for days. We are now on a Minute wave 3 inside a Minor wave A reversal. Minute wave 3 should break through the resistance drawn from BTC all time high to local tops.
Correction wave c has finished and we are building a new impulse. I used Bill Williams Fractals to help plotting these wave patterns. After wave c we start with wave (i) reaching highest high followed by a flat correction wave (i i). The next impulse wave (i i i) looks to extended, because if it is not, then it should be drew to the next highest high, which is...
Lower high on price while stock RSI makes higher high. Hidden bearish divergence. Stock RSI is also on overbought level with a bearish cross.
Short to next resistance level at 0.00039000
If price crosses 50 MA and finds support there, it could also breakout from the triangle.
Entry: 0.00025000 (above 50 MA and price crossing)
Target: 0.00039000 (under red fib 23,6%)
Stop-loss: 0.00020000 (psychological round number under triangle)
