Bitcoin getting ready for the last move up, but first it's down!
We saw a buying climax for Bitcoin at 9980 USD, the failed attempt at 10k caused a sell off down to 8980, which was wave A of a ABC correction. Currently Bitcoin is working on wave B, which will take it to around 9500 USD (see green circles). The current move could also be seen as wave 1 of a impulse up, but for that the prices struggles too much.
From there we will start another push down. Fibs, trendlines ans supports point to 8650. But mostly that value is then not reached by Bitcoin because most chartist see that as target. So I am think more like 8770 to 8700 as target.
There it remains to be seen if we are in an accumulation phase and go up after consolidation or move further down, if the consolidation was indeed distribution. My guess is one last move up.
From there we will start another push down. Fibs, trendlines ans supports point to 8650. But mostly that value is then not reached by Bitcoin because most chartist see that as target. So I am think more like 8770 to 8700 as target.
There it remains to be seen if we are in an accumulation phase and go up after consolidation or move further down, if the consolidation was indeed distribution. My guess is one last move up.
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Detailed view for targets
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I just saw another channel line and added it. If you copy the line from the big channel Bitcoin was in and apply it deeper you get another channel. Incidently that trendline also hits the anticipated target.
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As the new developed structure from other currency pairs does not support the idea so well I added another option to keep in mind. (pink) Have a lookout around what happens at 9500ish
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If the 0.618 (9370) gets rejected a fourth time we go down
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Trying to break it:
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Looks like LPSY:
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Another touch here and may the abc I looked for:
Target: 9580
Target: 9580
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long:
ETC at 20.04
ETH at 733.7
tight stop losses below trendlines
FAlling wedge on BTC forming, alts stabilising
ETC at 20.04
ETH at 733.7
tight stop losses below trendlines
FAlling wedge on BTC forming, alts stabilising
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Target 1 9400 again
Target 2 9580
After that C wave to Target 1 8840, Target 2 8680
Target 2 9580
After that C wave to Target 1 8840, Target 2 8680
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Recommending greg's count here, see above update!
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Corrections technically complete in 5 waves:
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But I see that now as more plausible: 8269
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Bigger picture