BTC Elliot Wave

This is a short term look at a small leg of BTC. This is an elliot wave break down of BTC over the short term. I expect BTC to test the restistance speed arc's and in time break the preliminary support of the last decline. I have not drawn a declining 3 wave correction after target completion - as I don't intend to support a scalp on this position.

Generally with BTC this far off of an all time high, I don't recommend scalping the coin, but if one must the analysis here should give good stop limit targets and should allow a re-entry upon the start of the 3 wave corrective action.

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It appears as though wave 4 (pts 3 to 4 above) will probably reach down to support. It already blew through what was resistance at 11764, but thats OK. It didn't trade on that channel to build an upward support (supports are off troughs not peaks) and so I expect as it reaches down towards the 11.2k line, it will find support from buyers, it will accumulate - and we will begin wave 5.

Typically with such a long wave 4, and sharp wave 4, wave 5 is expected to be a powerful impulse wave. If you're scalping BTC right now (remember I don't think this is a good time to try and scalp BTC) then this is a great buy signal, as we know the EW #5 is coming,

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As pointed out below, we have moved past my prediction (thats right! I'm wrong!) and my subwave analysis DEMANDS a recount.

This friends is the most important part of trading and analysis, being willing to see you're wrong, take it, move on, learn, and reapply.

I'll muck up another ugly looking chart soon and we'll try again :)

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Current Chart :::