Tag: investors-club

I have to make reference here to my post published on January 15th, called “BITCOIN: Current Possibilities”.

There, I planned two scenarios, depending if the 5th wave was already completed or not…

Well, what it seems now is that the previous 4th wave formation has lasted 5 days to complete and what we are seeing right now is the final 5th wave down…as an extended wave.

The target support 1 has been crossed by the price, reaching resistance at the same level of wave (3) and creating a double bottom which is a good sign of recovery but, the (5)th wave down

Remember my post yesterday and my main Two Possibilities … Should I reconsider those scenarios ? Well, you have always to review and control the Plan, however, I have to say that both possibilities are still valid but one is taking more chances to be correct…

Today, BITCOIN has been drawing a nice Triangular Pattern, One spike up (b), another one down, repeating the same level…(a), (c).

Currently another green candle seems defining the (d)…

Breakage of the triangle usually happens on (e) but it can also happen on (d) as well so, we have to pay attention to the action of Bitcoin

Two Target supports, two different alternatives…

Assumption: Extended 5th still on going

Last 5th wave of the down-cycle may be composed by 5 subwaves (Brown). First wave (very long IMO) and 2nd wave completed… 3rd wave on going…

Target limit 3375 USD (Target support 2)

Assumption: 5th wave completed

1st wave (brown) up completed, building the 2nd… If BTC rebounds on the “Target support 1” around 3537 USD then the EW count is valid and the 3rd wave upwards will be formed…

Entry Target: 3540 after rebounding on the support 1.

@toofasteddie

*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this

As explained yesterday… currently there are a lot of chances that the end of the correction has not been reached, and so, there may be a last move downwards in order to terminate the 5th wave down.

BITCOIN is now approaching the first target support on which I would expect some hesitance but, in order to complete the 5th wave down, I think there is a high likelihood of reaching a lower price than the one reached by the 3rd wave.

Using FIBONACCI Levels, right now BTC is touching the 61.8% of total retracement but, as you can see, does not seem

…and the answer is also difficult.

I see two possibilities now at the 4 hour-chart.

The first one: with the last drop, BITCOIN has reached the 5th wave bottom, end of the ZIG-ZAG correction…

3rd wave longer than 1st and 5th… 5th wave short but within the expectations, since “C” is just below “A” Leg… From now on, we should see 5 waves towards the “Target Resistance” in dashed Blue line.

If BTC manages to break that resistance it would be a very good signal of Reversal…

2nd Option (among others, of course…): The assumption would be that still the 4th wave is in play

Early yesterday we saw a sudden drop of the BITCOIN price followed by a short and shy consolidation movement upwards…

The drop was expected since the Elliot Wave count was alerting about that in order to complete a long 5-3-5 Correction…

The question is, does the drop terminated? It may have been terminated, actually it looks like a very short but probable 5th wave…

In order to know it we have to see how BITCOIN manage in front of the next resistance:

The RSI indicates oversold condition but the Constant Low Volume does not bode high hopes for recovery…

My plan keeps alive, for the