Bitcoin (BTC): Wave pattern & Key Levels

Updated

The price of Bitcoin hasn't changed much since my previous idea: I still expect it to reach 9600+ before reversing for a deeper correction. This time, though, I would like to present you with my wave count for the short-term trend. The 5--wave nature of the bullish advance is pretty much obvious, and should be followed by a 3--wave correction. Its first leg began on May 5 just below the 10k mark. Currently, I have little doubt that the price will drop below 8650 within a week or two, so the question is where to go short. 9600+ seems to be a reasonable resistance cluster at the moment. I will keep you updated on a shorter term basis.

Note

EOS update from yesterday's idea:

1-hour bar close above 18.0 triggered the entry.

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Hourly close above the neckline activates H&S on IOTA chart:

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Massive gains in IOTA $$, 2.54 target hit. Look for continuation patterns between these two levels for new entries:

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EOS isn't looking safe after this Rising Wedge has emerged:

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Closing 1H and 4H candles below support is detrimental for BTC. Headed to 8900

Nickonomics

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