Looks like bitcoin is about to get another big wave down, this should bring us under $200 within the coming days.
On this chart, you can see that we have a pretty nice bearish Gartley pattern (www.investopedia.com.../terms/g/gartley.asp). Along with 2 Elliott Wave Ending Diagonals, one is Wave C of a flat (red lines) which I believe to be either part of Wave E or Wave 2, the other is Wave v of C (yellow lines). This makes for a very bearish chart setup, along with the bearish divergences on the AO and AC on multiple time-frames. This is probably a great time to start opening up short positions against the trend to hold for the next few days.
Targets are difficult to make at this point, but the blue arrow shows a good target for the end of Wave 3, if it develops in such a way. Otherwise, we may have our first stop around 1200CNY for Wave 1.
The reason I am changing my count now is because Wave 1/D looks distinctly impulsive, so there is a chance instead of this being a 12H triangle, like my linked charts predicted, it could actually be a Triple Three Correction, ending at Wave C. Either way this is a very bearish set-up with a tight stop-loss. My strategy is to open shorts with stops set and go have fun for the next couple days while bitcoin bites the curb. Remember it helps to keep your eyes OFF the prize ;)
"Do your work, then step back, the only path to serenity" -Lao Tzu
On this chart, you can see that we have a pretty nice bearish Gartley pattern (www.investopedia.com.../terms/g/gartley.asp). Along with 2 Elliott Wave Ending Diagonals, one is Wave C of a flat (red lines) which I believe to be either part of Wave E or Wave 2, the other is Wave v of C (yellow lines). This makes for a very bearish chart setup, along with the bearish divergences on the AO and AC on multiple time-frames. This is probably a great time to start opening up short positions against the trend to hold for the next few days.
Targets are difficult to make at this point, but the blue arrow shows a good target for the end of Wave 3, if it develops in such a way. Otherwise, we may have our first stop around 1200CNY for Wave 1.
The reason I am changing my count now is because Wave 1/D looks distinctly impulsive, so there is a chance instead of this being a 12H triangle, like my linked charts predicted, it could actually be a Triple Three Correction, ending at Wave C. Either way this is a very bearish set-up with a tight stop-loss. My strategy is to open shorts with stops set and go have fun for the next couple days while bitcoin bites the curb. Remember it helps to keep your eyes OFF the prize ;)
"Do your work, then step back, the only path to serenity" -Lao Tzu
