thekevin
Short

BTC Downtrend Continuation (Just to be aware of!)

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
With this wave count I show how my original count (to $7700) could still play out. This would be through a continuation of an ABC that would fulfill a WXY, test the 0.618 (of the macro level move) AND re-test the current downtrend line as support (line shown in red from my earlier analysis).

The sub waves are fictitious - just to be used as examples! I do not do timescale analysis and I have not used Fibonacci extension to work out these smaller sub waves.

Sorry for all the lines!
Comment: If I was to add timescale analysis then I would say that the C wave would go to the 1.0 - 1.618 timescale of wave A. That would put us between the 24th - 26th of this month!

Ok let's see how it plays out because at the moment we are still in a uptrending channel..We have not even broken out of that
there is also a head and shoulders pattern..But time will tell.
+1 Reply
thekevin chase4fun2018
@chase4fun2018, Let's hope for a break to the upside!
+1 Reply
@thekevin, Yep time will tell but even then i would be cautious i have many charts. My most bearish scenarios if we break out
of this channel is going to be $8100 if we pass that then my next worst scenario is $7600 but im not putting the charts
up :)..I need to see more bearish movement first this as there is a good battle going on at the moment we are mostly
moving sideways...Bearish candles are getting massive rejection from the main support line channel.Have you looked at the
EMA we have not crossed over the 10/21 on the 4hr chart yet.
+1 Reply
thekevin chase4fun2018
@chase4fun2018, I personally believe that the bears ran out of steam a month ago. The only reason we aren't going up is because no one is buying as they 'believe' we are going down. It's a catch-22. No downward pressure but a bearish sentiment.
+1 Reply
@thekevin, Yeah i notice the low volume !
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