I have never been convinced that bitcoin can manage a major rally past $1200 before taking out its previous low of $145 (here labelled as wave [ A ]). Two rallies that bitcoin has attempted since hitting the major low of $145 have ended up being fakes (and crushing several traders at the same time). The recent rally to $1130 appears to have completed wave [ B ]...
Expecting bitcoin to rise upto $750s level to complete wave (2) then fall in wave (3). $777 ie part labelled waves (Y) is key to the interpretation and I don't expect bitcoin to rise above it.
1 Hour chart. Wave (i) complete. I expect a small upward retracement for wave (ii) which should not exceed $603.71 then a strong continuation of the fall in wave (iii).
On the 4 Hour Chart below we have a developing wave 3 of (3) which should end somewhere in the $400s.
As I've always maintained, I expect bitcoin to fall to below $100 a piece. This chart is the long term one. Bitcoin is falling in wave (3) of { C} of II. Wave {A} is a leading diagonal. Wave {B } is a combination while wave {C } ( fall from 782.12 high, the part labelled (Y) {B} is a developing impulse wave where waves (1) and (2) are complete. If bitcoin reaches...
Next Leg down in Bitcoin to below $400 is imminent.
Been tracking the wave two corrections in bitcoin for sometime now. Purple wave 1 appears to be a leading diagonal and its wave 2 is complete just below the 78.6% retracement of wave 1 (i.e below $682). The third wave, tsrong drop is now imminent and should take bitcoin to below $500 and further down soon.
Bitcoin having completed wave (2) at $704 fell to $640 making minor wave 1 (purple colour). Minor wave 2 (purple colour) also appears to be in place at $681. My expectation for a grand fall is still in place. Minor wave 3 (Purple colour) now is targeted at $577 (being a Fibonacci 1.618 times the size of minor wave 1) or $559 (twice wave 1) or $514 (Fibonacci 2.618...
As I indicated earlier, my target for wave (2) was the $689 - $699 levels. Bitcoin did touch about $704 level and turned down immediately. Wave (2) therefore appears complete and I now expect a move to below $608 then below $540. You can be short with your SL at $704 and target a move to below $100 soon. I will be updating on the progression of the waves.
BITCOIN. Expecting wave (2) to end at $689 - $699 then the major drop for wave (3). I will provide targets for wave (3) once I see evidence that wave (2) has ended.
As labelled in the chart, the rise of bitcoin from $149 level is clearly corrective. I therefore expect a strong down-move in bitcoin to below $100 soon.
I am expecting bitcoin to drop strongly in wave of 3. Targets below $230
Bitcoin: Expecting a move below $360 and ultimately below $300 as part of wave 3 (a diagonal).
I am expecting a strong down move in bitcoin to $283 and below. Only a move above $356 can change this stance. Therefore I am short with a Stop Loss at $356, the wave (iv) high (in blue).
Bitcoin is still in the bear grip. Wave 'v' should push strongly below $290
Please check the longer term chart I posted titled : 'BITCOIN: A Move Below $150 Expected'. This is an update to that chart. Bitcoin is falling impulsively. Expect lower levels toward $200 soon
Bitcoin: A drop to $349.69 then a strong rise to about $450 likely in the short term.
The chart shows the outlook I have for bitcoin. I still maintain that a move below $150 is necessary to complete the correction which started at the >$1000 high. The recent move that bitcoin made to $500 must have fooled alot of people. As shown in this chart it was a (B) wave. Elliott Wave Principle describes B waves as phonies. Text: "B waves are phonies. They...