ThePuma

ThePuma Updated 

I see multiple options for where we are headed, all with valid Elliott Wave counts to support them. Here's a synopsis of what I'm looking at and why. We had a massive move down that lasted 38 days. I find it hard to believe that we have completed correcting this move. I expect at least a couple more weeks of correction before we can consider any continuation to...

ThePuma Updated 

As we've moved forward, Bitcoin has followed the related idea linked below very well. My count has not changed from that post. It appears that we are currently in a flat correction for the 2 wave of a major impulse downward. In the chart are some pretty extreme but possible targets for the continuation of this wave down. Any push past 6600 would have me doubting...

ThePuma Updated 

Our last outing on calling the bottom was quite successful. Though that particular bottom was not nearly this far out. It's taken much work to solve this Elliott Wave puzzle. We have had quite a complicated correction. However, I believe we are coming to an end. I should be asleep right now, but I noticed something from the related idea tagged below that caught my...

ThePuma Updated 

Been a while! Overall I'm bearish at this time. There has not been any sign of relief. I've posted three potential paths below, all of which have downside before the next upside. Some have more downside than others. A move up from current levels would suggest that we follow the dashed blue arrow up with similar target. Each of these paths reflects a potential...

ThePuma

The two charts above are identical in all except for the scale. The top chart is standard and the bottom chart is a logarithmic scale. As you can see, we have broken out of the downtrend on a standard scale, but not on the log scale. It seems that we may be heading to test both the top of the the standard scale downtrend as well as the bottom of the log scale...

ThePuma

Check out targets in the image and the long-term view below. The long term view below is drawn to fit an E bottom at a level of 4280. Why? It is my belief that we had a multi-year wave 1 and are looking to finish the correlated wave 2. Wave 1 initiated at $0 and reached a peak of $20,000. A 78.6% retracement would put us at $4,280 correction level for this wave 2.

ThePuma Updated 

Unfortunately I have at least three very realistic Elliott Wave counts at this time. That means I have to wait for confirmation of an accurate one. Thus far, we have been rejected in an area of major resistance. If this rejection continues, then I expect to see wave 5 down. If we bust through this we should complete 5 waves up followed by a corrective wave. I...

ThePuma Updated 

Well, I asked if the correction was over yesterday and Bitcoin never broke the 8150 to prove that it was. In fact, it continued down to new lows for the current leg. The entire movement has made me reassess where we are in a count. This seems to make the most sense as a major ABC movement. At this time, we remain in the C wave and I expect we head down to other...

ThePuma Updated 

I can see a pretty convincing argument that the current correction is complete. We tapped into the 7700s, but it seemed that nobody actually wanted to sell their Bitcoin at this level. Why would they? It's still early to say for sure that the correction is complete, so look for confirmation. We need to break over resistance at 8150! We also have a major downtrend...

ThePuma

A head and shoulders is an indicator of a reversal. Let me just copy and paste it for you. On the technical analysis chart, the Head and shoulders formation occurs when a market trend is in the process of reversal either from a bullish or bearish trend; a characteristic pattern takes shape and is recognized as reversal formation. Magic Poop Cannon has a gigantic...

ThePuma

You know what that means! Well...I hope you do. If you do maybe you can share it with me too.

ThePuma Updated 

The Litepay delay definitely had an impact, but Litepay isn't terminated as an idea. There's still a strong likelihood of this becoming reality. As BTC enters an extended rally, now is a good time to enter alts as well. Litecoin has strong potential for a wave 3 right now. Personally, I'll look to exit as Bitcoin tops off. Around 12,000 levels. Why? Because a...

ThePuma

It is my opinion that the bulls will win the fight when we get to the golden zone, .618-.65 fib retracement zone. HOWEVER, the market has been VERY bearish. There remains the possibility that this zone does NOT hold. If you enter a trade, set a stop loss at 7600 or even consider selling a bit higher if you don't see volume pick up quickly. I'm entering a trade....

ThePuma

As we approach lower levels, we are able to get a bit more clarity on potential paths for Bitcoin's correction. We should still consider a few options and be prepared for them. What we don't necessarily have clarity on is what to call "wave 5". At this time, I lean toward calling the entire structure one impulse wave up with 5 subwaves. We can find 5 clear...

ThePuma

There's tons of opportunities coming up. NEO appears to be one of the good ones. It previously retraced and bounced from the .618-.65 golden pocket. Since then, it has followed Bitcoin pretty closely in activity. It tested it's own resistance line, just like Bitcoin, and then broke that resistance line resoundingly. In my opinion, it is preparing to enter subwave...

ThePuma Updated 

My targets for rebuy remain the same. Approximately 10660-10900. Perhaps slightly higher depending on how high the current wave extends. I remain on the sideline at this time.

ThePuma

Keeping this one short: Based on the .382 fib retracement I'm looking for a re-entry between 10660 and 10900. We remain pretty bullish.

ThePuma

I'd love to hear your thoughts and see your counts and expectations. It seems to me that current movement won't reach the necessary levels to be a completed wave 3 based on a 1:1 extension of wave 1. That would tell me that current movements may only make up part of one subwave of wave 3.