Bitcoin bitcoin bitcoin..... proving to be difficult to analyze as your are to mine.
Bitcoin price retested below our old 61.8 App / 61.8 ER area on Tuesday's gap open @39162.10 and has since resisted the need to retest the Daily Bearish Trendline.
As stated in my previous analysis, it is believed that we now have a truncated W:e or 5th wave low @31084.40.
Should price continue to the upside and break above the 200 DSMA @40452.05 at the time of this writing, it would be logical to expect a continuation to the upside and head for the next target area of Old Highs above 42000.00. As the current leg grows in size we remain with a somewhat Bearish Bias. Should price break above the Old Highs @42459.55 and remain, a change of Bias would be considered.
Bitcoin price retested below our old 61.8 App / 61.8 ER area on Tuesday's gap open @39162.10 and has since resisted the need to retest the Daily Bearish Trendline.
As stated in my previous analysis, it is believed that we now have a truncated W:e or 5th wave low @31084.40.
Should price continue to the upside and break above the 200 DSMA @40452.05 at the time of this writing, it would be logical to expect a continuation to the upside and head for the next target area of Old Highs above 42000.00. As the current leg grows in size we remain with a somewhat Bearish Bias. Should price break above the Old Highs @42459.55 and remain, a change of Bias would be considered.
Comment:
Our Time Projection to begin the decline of May 24th +/- 2 Days pretty much played out on the 26th of May from the 78.6% Fibonacci level. However our Projection fo an Elliott Wave d did not play out because as the current correction grew it has now become somewhat of a bearish pennant. See more recent updates of BTCUSD from me.
Price appears to be on the retreat to test the strength of all those who decided to go Long today. Sell Stops look to be targeted.