UPDATE 02.07.18 : Get ready for the next drop. The expanded flat pattern will likely be done in the next 24 hours.
UPDATE 30.06.18 : Unexpected pump over night. Is this already wave B like shown in the count below? Maybe it is. At least we should be happy that 25B crypto pumps over night still happen^^. Nearly everthing is green today.
Today I want to talk about BTC from a pattern perspective.
There is a possible "bullish butterfly pattern" forming, which has a target of 4200$. This would fit perfectly with the WXYX2Z count. If you can't read the image, download it and zoom in.
To be honest, the route AB and route BC don't fit 100% perfectly for this pattern, but in trading you usually don't get it perfectly.
So even if it is not a "perfect bullish butterfly pattern" we still have some data confluence here:
- Fib (and also Algo) targets @ 1.27 and 1.618 extension level lining up
- bullish butterfly pattern targets
- A fitting wave count
The clusterzone of route XA extension and the route BC extension @ approx. 4200$ is very promising.
This is why it is my primary count.
Here is an example of another bullish butterfly in the Dow from a few weeks ago:
And here is the count:
EDIT: There is a typo in the last pic. I mean "a ZigZag for Y". It is not a double ZigZag.
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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.
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Indeed. This is @lordoftruth main count. I’m excited to see what will happen.
I don't see a count on his page, but he recognized the pattern, too.
He’s been posting it for over 2 weeks now so his belief in it is huge I guess. I think ultimately bitcoin will surprise us all.
I like your count.
the $4500 - $4200 range looks like the most probable zone for a support. lets hope we see a crazy bounce up from those levels.
Thanks for the analysis!
Also, es geht womöglich weiter runter...... festhalten und Augen zu :-)
yeah..it may goes but will not stay at that position..BTC will be back soon
Both studies indicate the same, interesting.
I still have hopes on rebounding around 5700 USD.
do you think after going to 4200 do we see uptrend
Uptrend yes, but even if it hits 14000 again, it could still be part of the correction and we could go back down again afterwards (a little or a lot).
Yeah, that would be fun to go to 14000 and then back to 3000. 😈
yeahh i like this possible scenario ... I have also the are $ 4000 as the maximum zone of the bearish channel ... if the price pierces that area it would invalidate my count of elliott.
Thanks!!
So a "bullish butterfly pattern" actually means a lower price target...
Yes. It is only bullish once the lower price target is reached^^.
Now we're talking! 100% with you
Exciting times ahead, laddering in between $4000-4500. XRP target may hit somewhere between $0.20-.25 (for those interested...!)
Very similar to what lordoftruth has been writing for several weeks now. You are even aligned with the landing zones. Great to read this as it limits the possibilities. Just hold and wait...
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price reversal can happen from 5500$ or From 5200$-5300$..Find more information on https://steemit.com/cryptocurrency/@dishenjariwala/bitcoin-price-update-currency-crash-below-usd5-800
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Can it still be a wave B, as over 6400.. so looks out of the channel now to fit that pattern ?
Can it just moon for us 😂
Seen a few others thinking up to around 7k then big drop to 4500k odd & an alternative scenario of up to somewhere between 11-15k before the drop to 4500, then up over 60k skywards....
It is still inside the channel until 6700. But the channel is only a guideline. It is not mandatory that it stay inside for the count to be correct.
Ah, I see.
Looking forward to seeing how it unfolds, at this stage just holding until there any really nice profit taking opportunities 😊