BTC Alternate Count

Hello Traders,

I am going to throw out a wild and wonderful TA due to the fact there is an ending 5th wave diagonal with in the elliott wave...

ask yourself the question.... WHAT IF.... that last touch at $11,700 was the completion of the 5th and we are now correcting.... WHAT IF... what a lot of analysts are calling the D wave in the corrective wedge.... was actually wave 1?

Now ask yourself.... WHAT IF.... this chart could be possible? The waves may not correct right down to wave 1 territory, but just keep in mind that this is very possible. A very bullish senario would see BTC turn at the 0.5 FIB level.

There has been little volume over the last few weeks, so it makes sense that BTCUSD would go back down and gather some energy to make another run for the higher highs... And maybe I'm wrong, but I don't think you can discount this possibility.

As always Happy Trading... And yes awareness is key, so please always trade safely, minimise your risk, use a stop loss.

LNE.

DISCLAIMER:

The Legal stuff - I'm not financial adviser. Just a few quick thoughts - remember you sit at your computer, you push the buttons...

Komen:

quick note - Should say commencing 5th wave diagonal - not ending

Komen:

So I was just reading my Elliott wave book(nerd alert) and had a thought, an ending 5th wave retraces to where it begins... so if this is the case.... I give you an alternate count, similar, but it might retrace back to start of wave 5. Thank you to Johnny Crypto on twitter for bringing this idea to my attention.

Komen:

Depending on how bearish we are with the above scenario - here's the very bearish view