BTC-/USD - an EW approach on the outlook
Updated
Looking for similarities in the fractalities and conclude future movements from that similarities in fractalities is what Elliott-Wave is about.
This count interprets the top at 20k as an overshooting corrective B, which is then according to the books followed by a impulsive and steep C Wave to complete the correction.
I find the overshhoting B viable mainly by its form, the allowed extension of around 162% , which depends which Data-Base/Coin-Exchange is chosen, and the typical steep and propulsive C Wave we have seen driving the price lower in dramatic proportions finding a first halt between 38% and 50% RT of the upmove , measured at the top at the counted end of Wave (III)
As this Chart suggests, the Correction is still not over, and the Zone at around 10k could be a probable retracement.
So the micro-look of the corresponding lesser degree wave finds its macro-mirror in.between 50-62% RT Zone of the whole move.where a solid demand zone is present at 10k.
This count interprets the top at 20k as an overshooting corrective B, which is then according to the books followed by a impulsive and steep C Wave to complete the correction.
I find the overshhoting B viable mainly by its form, the allowed extension of around 162% , which depends which Data-Base/Coin-Exchange is chosen, and the typical steep and propulsive C Wave we have seen driving the price lower in dramatic proportions finding a first halt between 38% and 50% RT of the upmove , measured at the top at the counted end of Wave (III)
As this Chart suggests, the Correction is still not over, and the Zone at around 10k could be a probable retracement.
So the micro-look of the corresponding lesser degree wave finds its macro-mirror in.between 50-62% RT Zone of the whole move.where a solid demand zone is present at 10k.
Note
quick and dirty Variation- 15min chartNote
the bullish variationNote
Note
honestly....a decent downer would complete the picture...looks quite unharmonic to me looking at the 60min i posted here,if it sky-rocketed right away from here...I will stick with my short outlook...: BTC/USD heading for a restest of the lows ...or even 10 k...
But a bias is nothing but a bias and an antagonistic count should be at hand for everybody approaching the markets by means of EW...so he does not get stuck on it...
Trade active
60 min Chart -Update-basic idea stays te same...now short term long chance15min Cart-Update
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