BitcoinShort
BTCUSD: Elliott Waves analysis: More down ahead?
Updated
Hey guys!
Sorry for bringing bad news, working on a EW analysis and see more downward potential on the charts.
I've charted the optimistic EW structure to not to look over pessimistic.
You're welcome to find the mistakes in the wave structure and post them in the comments.
Ongoing ABC correction on higher timeframes. Still in wave A of the correction in a final subwave #5 giving us hope that the corrective wave B will come soon to this extreme drop.
Wave #5 should consist of 5 subwaves and we're in subwave #3 right now.
Expecting small correction to 7400-7500 area and another drop to complete subwave #3.
I want to be wrong and for that the price should return far above 7500 (for at least several days).
Have a good trading!
Sorry for bringing bad news, working on a EW analysis and see more downward potential on the charts.
I've charted the optimistic EW structure to not to look over pessimistic.
You're welcome to find the mistakes in the wave structure and post them in the comments.
Ongoing ABC correction on higher timeframes. Still in wave A of the correction in a final subwave #5 giving us hope that the corrective wave B will come soon to this extreme drop.
Wave #5 should consist of 5 subwaves and we're in subwave #3 right now.
Expecting small correction to 7400-7500 area and another drop to complete subwave #3.
I want to be wrong and for that the price should return far above 7500 (for at least several days).
Have a good trading!
Note
Update: Current retrace gives a hope that the current wave down could be short and $5800 area be a double bottom.The wave structure still bearish to complete the wave #3 down.
After bottoming out at $5800, I expect to see strong bullish volumes, breaking the downtrend and then a truncated wave #5 down to complete a short-term correction, before we see a bull-run to $12000.
Close above $7800 will invalidate my wave count meaning I made a mistake counting waves somewhere.
Note
The bears have won! The fall continues with the main target identified at $6000 (at least).
The market dump is systematic, with even no need of FUD until the bears targets/goals are reached. And who knows what is their goal?
This time, I don't have an alternative scenario, as the EW structure clearly shows the development of wave #3 of 5 down.
In most optimistic scenario, the price will find the bottom around 5700-6000 area.
While it may continue falling to 4600 area, breaking down the 100bln asset class limit.
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