BitcoinShort
Bitcoin (BTC) Bottom Fishing?
Updated
I can see many people still believe that we are going inside a descending triangle. I also believed this in my idea that i shard on may 1st: 
Things can change so quickly and if we didn't adapt to the changes then someone will. That's why i believe that we have to be in fast adapt mode in this market. Doesn't mean that you need to change without checking yourself. I try to find 2-3 confirmations before i change my idea on something. This includes pattern changes, trend changes etc
There are 21 corrective wave patterns in EW which is categorized into major 3 corrective wave patterns:
Zigzag (5-3-5)
Flat (3-3-5)
Triangle (3-3-3-3-3)
And other patterns are combinations of the above which is:
Double three (A combination of two corrective patterns above)
Triple three (A combination of three corrective patterns above)
So what i can see now is that we are in two double three combination corrective wave pattern:
More info here:
elliottwave-forecast.com/elliott-wave-theory/
Confirmations:
1. Wave ((i)) of C is 1.6k and ((v)) is going to be completed below the triangle
2. Wave (E) of the triangle can't go beyond the triangle.
3. This has happened twice before in 2013 & 2015
Each wave [((w)), ((x)), ((y))] got 3 subwaves (a,b &c) inside and we are in the subwave c of ((y)) of Y which is an impulsive wave.
Impulsive waves: 1,3,5,a,c
Corrective waves: 2,4,b
Normal Fibo Ratios for these waves are:
wave 2 = 0.5 - 0.8 of wave 1
wave 3 = 1.236 - 1.618 of wave 1
wave 4 = 0.5 - 0.618 of wave 3
wave 5 = 0.618 - 1 of wave 1
wave B = 0.5 - 0.8 of wave A
wave C = 0.618 - 1.236 of wave A
Now if you check what happened in subwave a of ((y)) of Y you can see that:
Wave (i) of a: 985$
Wave (ii) of a: 434$ [~0.5 of Wave (i)]
Wave (iii) of a: 1207$ [~1.236 of Wave (i)]
Wave (iv) of a: 691$ [~0.618 of Wave (iii)]
Wave (v) of a: 950$ [~ 1 of Wave (i)]
I have seen BTC impulsive waves fibo ratios almost the same as the previous impulsive wave fibo ratios.
Now if you apply the same for the last wave C of (E) this is what you get:
Wave ((i)) of c: 1587$
Wave ((ii)) of c [~0.5 of Wave ((i))] = 793$
Wave ((iii)) of c [~1.236 of Wave ((i))] = 1961$
Wave ((iv)) of c [~0.618 of Wave ((iii))] = 1212$
Wave ((v)) of c [~ 1 of Wave ((i))] = 1587$
Also note that Wave ((iv)) might not retrace upto 0.618 of Wave ((iii)) as everyone will be in panic mode by that time so minimum retracement would be around 0.386 of Wave ((iii)) which is around 756$ and this is why i can see it goes down to 5k level or little bit more towards 4.7k which is the lowest level of the support zone (orange dotted lines)
So 3 Possible Support lines for reversal would be
1. Blue: 5800 - 6100 (Only possible if Wave ((v)) is truncated)
2. Orange: 4700 - 5000 (This is most likely where we heading)
3. Red: 4100 - 4400 (Only possible if Wave ((iii)) is extended)
Things can change so quickly and if we didn't adapt to the changes then someone will. That's why i believe that we have to be in fast adapt mode in this market. Doesn't mean that you need to change without checking yourself. I try to find 2-3 confirmations before i change my idea on something. This includes pattern changes, trend changes etc
There are 21 corrective wave patterns in EW which is categorized into major 3 corrective wave patterns:
Zigzag (5-3-5)
Flat (3-3-5)
Triangle (3-3-3-3-3)
And other patterns are combinations of the above which is:
Double three (A combination of two corrective patterns above)
Triple three (A combination of three corrective patterns above)
So what i can see now is that we are in two double three combination corrective wave pattern:
More info here:
elliottwave-forecast.com/elliott-wave-theory/
Confirmations:
1. Wave ((i)) of C is 1.6k and ((v)) is going to be completed below the triangle
2. Wave (E) of the triangle can't go beyond the triangle.
3. This has happened twice before in 2013 & 2015
Each wave [((w)), ((x)), ((y))] got 3 subwaves (a,b &c) inside and we are in the subwave c of ((y)) of Y which is an impulsive wave.
Impulsive waves: 1,3,5,a,c
Corrective waves: 2,4,b
Normal Fibo Ratios for these waves are:
wave 2 = 0.5 - 0.8 of wave 1
wave 3 = 1.236 - 1.618 of wave 1
wave 4 = 0.5 - 0.618 of wave 3
wave 5 = 0.618 - 1 of wave 1
wave B = 0.5 - 0.8 of wave A
wave C = 0.618 - 1.236 of wave A
Now if you check what happened in subwave a of ((y)) of Y you can see that:
Wave (i) of a: 985$
Wave (ii) of a: 434$ [~0.5 of Wave (i)]
Wave (iii) of a: 1207$ [~1.236 of Wave (i)]
Wave (iv) of a: 691$ [~0.618 of Wave (iii)]
Wave (v) of a: 950$ [~ 1 of Wave (i)]
I have seen BTC impulsive waves fibo ratios almost the same as the previous impulsive wave fibo ratios.
Now if you apply the same for the last wave C of (E) this is what you get:
Wave ((i)) of c: 1587$
Wave ((ii)) of c [~0.5 of Wave ((i))] = 793$
Wave ((iii)) of c [~1.236 of Wave ((i))] = 1961$
Wave ((iv)) of c [~0.618 of Wave ((iii))] = 1212$
Wave ((v)) of c [~ 1 of Wave ((i))] = 1587$
Also note that Wave ((iv)) might not retrace upto 0.618 of Wave ((iii)) as everyone will be in panic mode by that time so minimum retracement would be around 0.386 of Wave ((iii)) which is around 756$ and this is why i can see it goes down to 5k level or little bit more towards 4.7k which is the lowest level of the support zone (orange dotted lines)
So 3 Possible Support lines for reversal would be
1. Blue: 5800 - 6100 (Only possible if Wave ((v)) is truncated)
2. Orange: 4700 - 5000 (This is most likely where we heading)
3. Red: 4100 - 4400 (Only possible if Wave ((iii)) is extended)
Note
Sorry i forgot to add my disclaimer: Please note that this is purely Educational purposes only and not as Individual Investment Advice. If you choose to follow the above techniques you do so at your own risk after giving thorough and reasonable thought and consideration to your actions and their potential consequencesNote
What is SELL WALL and how does it work ?Here is a good article i found
cryptobillionaire.store/blogs/tutorial/sell-walls-what-are-they-and-how-to-take-advantage-of-it
Again do your own research and dont believe these articles blindly. Thanks
Note
Having More and more confirmations will help us to be more and more accurate. So I have analysed all 17 BTC Cycles from Oct 2010 upto now and I can see that we had
8 Two Double Three Patterns
2 Triangle Patterns
7 Zigzag Patterns
So far all Two Double Three Patterns you can see this pattern:
Last subwave ((y)) of wave Y went below subwave ((w))
Wave Y did a minimum of 0.5 of W (Aug 2012 - July 2013)
Wave Y did a maximum of 1.382 of W (Nov 2010 - Apr 2011)
In the current Cycle If Y = 0.5 of W then Y = 4900 which is Most likely where we heading at the moment
Now lets do the Fibo Ratios of the 8 Two Double Three Patterns:
Normal Fibo Ratios of WXY is
Wave B = 50%, 61.8%, 76.4% or 85.4% of wave A
Wave C = 61.8%, 100%, or 123.6% of wave A
Wave X = 50%, 61.8%, 76.4%, or 85.4% of wave W
Wave Y = 61.8%, 100%, or 123.6% of wave W
Wave Y can not pass 161.8% of wave W
More info: elliottwave-forecast.com/elliott-wave-theory/
Please note that with Bitcoin we need to alter the normal Fibo ratios sometimes according to the history price action
Here are all the 8 Cycles with Two Double Three Patterns followed this pattern
1. Nov 2010 - Apr 2011
Y = 1.382 of W
2. Nov 2011 - Feb 2012
Y = 1 of W
3. Aug 2012 - July 2013
Y = 0.5 of W
4. Jul 2013 - Jan 2015
Y = 0.618 of W
5. Feb 2015 - Apr 2015
Y = 1.236 of W
6. Jan 2016 - July 2016
Y = 0.786 of W
7. July 2016 - Jan 2017
Y = 0.618 of W
8. Jan 2017 - ???
If Y = 0.382 of W then Y = 6500
If Y = 0.5 of W then Y = 4900 (Most likely where we heading)
If Y = 0.618 of W then Y = 3290
Most likely we are going to do 0.5 which is same as Aug 2012 - July 2013. Support Zone in this area is 4700 - 5000.
Zigzag Patterns:
1. Oct 2010 - Nov 2010
Zigzag Pattern
C = 1.0 of A
2. Apr 2011 - Nov 2011xxx
C = 0.618 of A
Zigzag Pattern
3. Feb 2012 - Aug 2012
Zigzag Pattern
C = 1.236 of A
4. Apr 2015 - Jun 2015
Zigzag Pattern
C = 1.382 of A
5. Jun 2015 - Aug 2015
Zigzag Pattern
C = 2.272 of A
6. Aug 2015 - Nov 2015
Zigzag Pattern
C = 0.618 of A
7. Nov 2015 - Jan 2016
Zigzag Pattern
C = 1.786 of A
Triangle Patterns:
1. Jan 2015 - Feb 2015
Triangle Pattern
2. Feb 2015 - Feb 2015
Triangle Pattern
Note
Looks like BTC Finally started the scariest Wave of all ((iii)) with 2 confirmations [Triangle Break + Wave b of ((ii)) break @ 7.27k]. If BTC goes down below 7k then its fully confirmed as this is the starting point of wave ((ii))Note
Note
On the way down below 6kNote
Last chance for the bulls to push through this support. Break of this support will take BTC down to 5k's
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