This move up looks like a flat correction. That is why I favor the alternate count in brackets (ABC) over the previous ABCDE count.
Why do I count it like this? Well, waves never end with a threewave move. The only exception is a triangle 3-3-3-3-3.
I am seeing three waves down, which means that it can't be the end of the correction.
There is a way to count it as five waves down as well (meaning end of correction is already in), but it just doesn't look right to me. So until proven wrong, I will count it as three waves down.
So if BTC reaches 9000 +-300 and starts crashing hard, see this as confirmation for the ABC count.
Best case scenario: reach 9300, drop to 7500 afterwards.
UPDATE: The bounce off this trendline could indicate that the correction is over. I still think it is not over, but for your awareness:
5 weeks green would be needed to reach 16k. Confirmation for this is 10200.
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DISCLAIMER: This post / analysis serves general information purposes only. I am not, and never will be a financial adviser. The material in this post does not constitute any trading advice whatsoever. This is just the way I see the charts and what my trading ideas (from my personal experiences) are. I use chart pattern and Elliott Wave analysis for my trading ideas.
For full disclosure: The author of this post is holding positions in this market at the time of this post. Please conduct your own due diligence, if you plan to copy anyones investment decisions!
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Thanks buddy, very clear analysis. I like the the way you added the best case scenario at the bottom. Kinda dangerous for those who do not read everything (including between the lines) but I do appreciate this indication you added.
Always good to see alternates alongside primary counts, things can change so quickly in the crypto game awareness is a key element!
Keen to hear your thoughts on STEEM, my primary count is as follows:
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All the best!
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Thanks for sharing your experience. My theme is ICOs but I'm glad to learn about TA as well. Keep up the good work.
We also post daily most important news about crypto world.
Would be cool to know your opinion. Is it useful to read news every day for experienced traders like you? Or do you mainly focus on TA?
I would never invest in an ICO. I like buying coins a few months in after their first big crash. Not every coin starts with a crash but most do.
Yes, I only focus on TA and trading.
As a newbie about btc, I got a little part of your idea. I will resteem this post. This helps me a lot.
thanks. i will remember that while i am trading. ;=)
Thanks dear for the info which you share here.
i thing it's good project in cryptocurrency & It is a site where many profits can be obtained from.