Bitcoin Limiting Triangle Coming to a Completion (Elliott Wave)
Updated
It appears that we are nearing the end of a limiting pattern. This contracting horizontal triangle has all the hallmarks of being an abnormal limiting triangle which ended right at the apex timezone like excepted, and it also ends on what appears to be a terminal impulse pattern. This means that the market is likely to have made a very significant top here which won't be retraced for some time. While its impossible to know for certain if the pattern of one higher degree is going to form into a Double Zigzag, Double Combination, or a Triangle, we can be fairly certain that the structure of this last bull run starting at the beginning of August is a completed corrective :3 pattern that will not continue to form into a more complex correction at this degree. In any of these scenarios the high is likely to hold for several months and we could potentially see new lows under 464usd (3150cny) or at the very least a retest of that bottom.
There are also several bearish divergences, wiseman signals and this harmonic on Bitstamp that support the bearish stance. Reasons to be bullish seem low especially with the BFX and Gox hacks still looming over Bitcoin's head, the failure to fully retrace the previous downtrend that began with the Gox hack on the last major bull run leaves us with a very good chance of having to retest 300-400 usd again before being able break the A.T.H, especially with the BFX hack now weighing down on BTC's confidence.
There are also several bearish divergences, wiseman signals and this harmonic on Bitstamp that support the bearish stance. Reasons to be bullish seem low especially with the BFX and Gox hacks still looming over Bitcoin's head, the failure to fully retrace the previous downtrend that began with the Gox hack on the last major bull run leaves us with a very good chance of having to retest 300-400 usd again before being able break the A.T.H, especially with the BFX hack now weighing down on BTC's confidence.
Trade closed manually
Doesn't seem strong enough to go any lower than this, also there are some strong buy signals saying that this is the bottom. There might actually be a very good long soon.Note
It looks like we are going to form into a polywave for wave-c so that means there could still be a 5th wave left in this, but it will likely be truncated because of how strong wave-iii was, and because of the really strong buy signals that it formed which usually signals the bottom. If this chart plays out it could be a fantastic long. Also note that it doesn't have to be truncated it's just likely and if it is that would mean there is extreme counter-trend strength.
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DON'T MISS TRON MEME SEASON, CATCH $FEELS BEFORE IT DOES ANOTHER 130x BY GOING TO HTTPS://TRONDOOMER.COM AND FOLLOWING THE LINK TO SUNPUMP
$FEELS CONTRACT ADDRESS: TPB97rf5YTuFGBBSGLS1umVzrSvVPHrQ7p
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