Updated Wavecount.
Since my previous wavecount for bitcoin was incorrect, I present an updated wavecount. Using Elliott wave theory
is very subjective. Making mistakes is not the issue, everyone does. The most important aspect in trading is that you correct yourself and
learn from your mistakes.
Bitcoin seems to have entered its third wave down. Resistance is expected at +-6350$, which corresponds to our previous low.
Depending on momentum, prices could go as low as +- 4750$ (heavy resistance around 5500$). These prices are based on Elliott wave theory in combination with Fibonacci ratios.
- MACD is bearish
- RSI can easily go lower.
- Elliott places us in our 3rd wave down within our 5th correction wave down.
- Fibonacci shows that the 3rd leg will end between 6350 -- 4750 $
Since my previous wavecount for bitcoin was incorrect, I present an updated wavecount. Using Elliott wave theory
is very subjective. Making mistakes is not the issue, everyone does. The most important aspect in trading is that you correct yourself and
learn from your mistakes.
Bitcoin seems to have entered its third wave down. Resistance is expected at +-6350$, which corresponds to our previous low.
Depending on momentum, prices could go as low as +- 4750$ (heavy resistance around 5500$). These prices are based on Elliott wave theory in combination with Fibonacci ratios.
- MACD is bearish
- RSI can easily go lower.
- Elliott places us in our 3rd wave down within our 5th correction wave down.
- Fibonacci shows that the 3rd leg will end between 6350 -- 4750 $