zooby
Long

BTCUSD - Falling Wedge, Elliot Waves

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Falling Wedge - BTC is making a falling wedge pattern after making 5 bullish waves up, this is nearing completion along with the elliot waves within
Waves - BTC is nearing completion of its fifth wave down, each bounce up so far has had bearish divergence on the RSI , with the exception of this last wave, which is showing bullish divergence on both the RSI and CMF indicators.

Buy targets are taken from the pennant target at around 7.6k, to the fib and trend supports at around 7.8-7.9k, price targets for the first run of a possible breakout are 8.6-9k, being near wave 4 of the previous movement and Ichimoky Cloud, 4h 200ma and macro fib resistance, market conditions would have to be assessed at that region after a breakout.
Comment: Updated Chart with alternate EW counts (5 waves down in red with subcounts in green and blue, wedge A-E in purple, corrective ABC in light blue), removed one subcount.

BTC has faltered at the wedge resistance, making bearish divergence on the RSI, presumably ready to make the E or B waves.

If all else fails trade the breakout.

As posted on the structure speculation chart, taking a step back and looking more macro, further runs up may occur up to the 11.6k area
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