We want to show you our view of a typical and perfect Elliott Wave setup on a lower timeframe. So, as you can see, BTC turned sharply from highs and we can clearly count five waves down, which is our signal of a trend reversal and in EW theory is called Impulse wave. Then we can see a clear three-wave regular 3-3-5 correction, with three waves up into wave (A), three waves down into wave (B) and now we are heading into wave (C) with five waves up towards resistance zone 17500-18000, where we also see important 78,6% Fibonacci retracement level and equal legs of (A) = (C). As always, to find the right entry position, we always wait for confirmations. Confirmations are very important, because signalize that we are on the right way, so in this case our confirmation would be a break beneath 14000 level, so if BTC break under 14000 level, we expect even more weakness towards new lows, where next target can be around 8000 support level or maybe even lower. As said above, we are bearish, and will keep looking lower unless 20k is broken out. Then we may adjust the view.
Komen
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Perfect drop from our projected resistance zone! Seems like wave (B) found resistance at 17200 level and now we expect even more weakness with five subwaves down into wave (C) towards 8000 level, but after small pullback in subwave 2.
Komen
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Bitcoin falling nicely as expected. We can count five subwaves down now, which means that we can see much lower levels, but we may see a small pullback, before continue lower.
Komen
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NEW! VIDEO ANALYSIS!
Komen
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As expected. BTC towards 8000 level, but temporary may slow down into wave (4) with resistance around 11300-11800, before continue lower into wave (5) towards 8000 or lower!
Komen
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Currently in resistance zone of wave (4)! If from any reason goes higher above 13400 invalidation level, then we may adjust the view!
Komen
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We warned you about wave 4 on Bitcoin, because motive waves are always in five waves, so seems like wave 4 found resistance and currently falling sharply, probably within five sub-waves into wave 5 of C towards 7000 level.
Komen
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No big changes on BTC, still remain bearish towards 7000! On a smaller timeframe we are looking for five subwaves into wave (5) od C.
Komen
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Well, wave (4) became more complex correction within triangle, which is also typical in EW theory. Triangles in most cases signalize trend continuation and also signalize that trend is coming to an end. Why? Because triangles are often 4th waves from where trend continue into 5th wave and we know that after 5th wave correction or trend reversal occurs. Some examples are spikes out of triangle and then sharp reversals.
Komen
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Well, it's not tick by tick, but it's something what we have expected; more weaknes! Dont get caught in subwaves on lower time frame, it's very important to focus on bigger timeframe and lower time frame will become cleaner. So, we are still looking for more weakness into new lows of 5th wave towards 7k-8k levels!
Komen
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NEW VIDEO ANALYSIS!
Komen
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Bitcoin declined as expected and currently approaching our target zone for final 5th of 5th wave and important psychological level at 7000, where BTC may finally find bottom. Be aware of spikes and sharp reversals.
Komen
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MAKE SURE YOU DON'T MISS OUR LATEST VIDEO ANALYSIS!
amazing greg, you are brilliant man. Your charts should be displayed at the Rockefeller center for excellence
Navdeep_Singh
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Great Chart! I have the very same opinion.
TomPower
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@Navdeep_Singh, not really you were expecting a big rally first then a dump he seeing a little bounce somewhere around 15 and that's it for the show
NJ81
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quality charting, thanks!
BTCBanker1
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Any updates?
casstete
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Excellent call all the way .
Now we MUST wait until the thieves of this world who whish to dominate the crypto markets pull it all down to where they know they can buy it all cheap as chips & the underlying crypto itself .
The Organised Syndicates aka Illuminati aka NWO aka Shadow .gov will be milking it ..... wait for lower- mid lows .
If you can't beat them .... short with them ; )
TomPower
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@casstete, like he says in his latest video, this thing should follow the Nasdaq up but not to expect new highs. The problem is unless u have a futures account you won't be shorting BTC as their are no options to trade.
casstete
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@TomPower, I got with Bitfinex I will be shorting from 10K +-
darkandblue
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Hi I know you are charting for the correction only but on the higher degree,do you think that this can be a repeat of 2914 bearish market start?