Bitcoin: Everyone's Favorite Ponzi Scheme

BITFINEX:BTCUSD   Bitcoin / Dolar
Since reaching a climax at $4900 USD, our friend Bitcoin has taken a turn for the worse.
- According to EW, BTC's parabolic uprise could only be followed by a corrective ABC wave.
- ABC waves are made up of a 5 wave down, followed by a 3 wave up followed by another 5 wave down.

What you are looking at:
- Following BTC's correction, it becomes strikingly obvious that a pattern occurred.
- Counting the waves yields only 2 possibilities:
1- The ABC structure has been completed. This is unlikely due to the size and impulsiveness of the correction.
2- the 5th leg of the A wave is what will occur now. This is likely to happen due to heavy MACD divergence which only becomes apparent on the 30-45min timeframe.

What we can expect:
- As I mentioned there are only 2 moves bitcoin could make from here. ONE possibility is for it to commence the 5h leg down of wave A, the other is
for btc to move into a 3rd up wave signaling a reversal. Buy signals would be once it breaks the Major Downtrend it is currently in, I.E Pink trend line ,
where as good sell signal would come once it breaks its current downward channel into a more impulsive downmove.

Target 1- $3300
Target 2 - $3000
Target 3 - $2900
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