As expected BTCUSD fell down into wave (c) a third leg of decline that we have been talking about a lot in our past updates. Wave (c) is a motive wave, so it must be made by five subwaves before we may even consider that correction is finished. Well, if we take a look at current price move on BTCUSD we see very slow structure, thus it’s probably just a wave 4 within still ongoing wave (c). So, sooner or later we expect new decline into wave 5 of (c), where final support zone can be between 8700 level for (A)=(C) and 6800 level towards channel support line and 161,8% Fibo. extension of wave 4.
Komen
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Todays price move confirms an important fact that bulls are having hard times breaking above the upper side of a trading range. This now looks even better for a triangle in wave four, so bias remains unchanged. Be aware of some volatility during weekend.
Grega
Komen
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Triangle Completed? Patience is very important, so strongly suggest to wait for confirmation level below 900!
Komen
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Confirmation below 9900 level!
Komen
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Hey traders! BTC is slightly higher as we expected and that's why are confirmations important. It's something interesting happening right now... Ethereum is very strong against other cryptos, Eth/Btc is in 5th wave now, so we still think that ethereum is in corrective move in wave B, while Btc still can be a triangle.. so we would not fall in love with bulls yet! Here is the next count we are tracking.
Komen
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btcusd is trading lower as expected. I will update charts soon
Komen
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NEW VIDEO ANALYSIS!
Komen
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MAKE SURE YOU DON'T MISS OUR LATEST VIDEO ANALYSIS!
I am sorry but I see too many attempts to make sure the count fits to the chart. For example, the ABC between wave 1 and 2, other is ABC between Wave 3 and 4.If you were to chose b as the top of wave 1 then your count would have been invalid. Why is it so hard to accept that the model does not work with this chart for this period. It is perfectly fine, nothing has to work all the time.
I buy into this theory, but of course it might perfectly fail as well.
TomPower
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@retiringsoon1, ron its Elliott theory, you are using trendlines only. Greg said oil will go back to 70 a year ago when it was 40
darkandblue
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@TomPower, sorry mate, i just linked his analysis.
Acel
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@retiringsoon1, ABC is used in corrective waves, 2nd ( 1-->2 ) and 4th ( 3 -->4 ). The triangle wave ABCDE will form his 4th wave and eventually breaking down for the 5th and last wave, thus ending the whole ABC correction after the ATH of 20k.
darkandblue
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@Acel, don't mind that scenario either. i beleive the drop will be rather fast and back up again..lets see