Verge climbed powerfully out of its hole, but with a lot of people ready to drop their heavy bags once a better price was reached I think wave 1 will retrace deeply back to wave 4 of the previous sub waves of wave 1.
Selling has been strong, and has all but broken previous trend line. With the end of the tax year approaching I think there is still more selling to come.
There is another trend line (1), strong horizontal resistance (2) and a bearish trend line (3) all crossing at the 78.6% fib level for BTCUSD all time.
I think we are certainly headed for $4,200 or so, and I ...
BTCUSD could have been following a triangle (ABCDE) correction since the all time high.
A triangle correction can have one of the sub waves trace a complex correction, and in this case the first wave can be viewed as another smaller triangle marked in red lines (This wave *could* also be counted as a zigzag or a double zigzag). Then the remaining BCDE waves can ...
As per my previous post - B wave went higher than my first projection and does not look convincingly impulsive to be considered a new wave up.
Since the B wave ends higher than originally thought, then the C wave will end higher than originally thought. If we consider the height of the C wave to be the same as the height of the A wave then that would finish ...
The recent 5 waves down have held a tight channel, typical of a downwards impulse.
If this is the correct count, then a zigzag (5-3-5) correction is likely. I will be looking to see if the next move up looks to be made of 3 waves.
This would bring retracement back to the 0.786 fib level, not unusual for a wave 2.
The low would likely create a bull wick on the ...
Looking at the yellow converging trend lines, we might be reaching a crunch point soon.
Bitcoin looks set to have another go at breaking the declining trend line before long, but even if it breaks upwards there can still be the possibility of a deeper decline as marked by the red ABC.
Trading volume is still strong, and if we see a spike as strong as we did at ...
A different count if we consider the 5th impulse wave to be truncated. The zigzag correction looks a little more classic in this scenario.
My projected target remains the same, a 0.786 retracement to $7,200 or so. I believe BTCUSD will bounce of this level in the short term, but there are larger possible patterns in play here so I will be considering the medium ...
I have adjusted my view and believe the wave 2 correction is still in progress.
Multiple patterns are all indicating a 0.786 retracement is likely.
We have the double top, the bear flag that has formed (blue lines), and the elliot wave count all telling us that the target low is likely to be around $7,200
I feel obliged to try to explain the recent sudden downwards move that I admit caught me off guard when I was expecting a smaller correction from what appeared to be wave 1 of 3.
I was unable to decide previously if the most recent impulse was a truncated wave 5 of the larger green wave 1, or if it was wave 1 of the larger green wave 3.
If it was wave 1 of green ...
As I projected my recent Elliot waves I was struck by how similar the next ascent will be to the descent from the all time high. BTCUSD will be forming a mirror image of the all time high correction if my waves prove accurate.
This should not necessarily be surprising as the all time high correction established various levels of strong support and resistance that ...
BTCUSD is showing signs of repeating itself with an ABCDE triangle correction.
This correction, if it follows that path, would coincide perfectly with a bounce off the long term resistance (and now support) blue line.
Like before, I think this ABCDE will not make it to E, but will bounce so sharply off the trend line that it will only have completed ABCD which ...
XVGBTC has now retraced nearly to 0.786 fib line, following an ABCDE style triangle correction.
As the apex of the triangle gets closer, the chances of a break increases. A break is by no means certain, be aware that the lack of any real volume could see XVGBTC trickle past the apex and carry on going sideways for an unknown time before the impulse begins.