BitcoinLong
Bitcoin - Short Term Path
Updated
If Bitcoin has completed its LOW in Feb, 2018 and it has started and finished Wave 1, then this post is an idea where Wave 2 will land in the short term.
Range in the blue box outlined with an estimated target. If this target occurs suddenly, it will appear as a bullish wick dropping out of the wedge before bouncing off the 0.786 Fib.
If correct, this would be pretty exciting as it means Bitcoin would enter into Wave 3. Alternatively, if this is simply part of the consolidation from a bigger picture, and there has NOT been a Wave 1, I would expect Bitcoin to continue down to the previous LOW and demonstrate a DOUBLE BOTTOM signalling the end of the correction.
Range in the blue box outlined with an estimated target. If this target occurs suddenly, it will appear as a bullish wick dropping out of the wedge before bouncing off the 0.786 Fib.
If correct, this would be pretty exciting as it means Bitcoin would enter into Wave 3. Alternatively, if this is simply part of the consolidation from a bigger picture, and there has NOT been a Wave 1, I would expect Bitcoin to continue down to the previous LOW and demonstrate a DOUBLE BOTTOM signalling the end of the correction.
Note
When posting this, the micro count on the final wave 5 appears to be in, and it has also touched the bottom of the wedge to complete an a,b,c,d,e (not drawn) - but I am just not sure. If so, it may go sideways over next 12 hours and then potentially pop out the top.This reason I mention this, is there are a number of alt coins that formed massive downward wedges. They have already dropped out of the bottom of the wedge from this recent decline in Bitcoin. A reversal now would look like a bullish wick on these charts.
But difficult to say, as most people who are long, would expect Bitcoin to travel sideways before the next run up. Time will tell.
Trade closed: target reached
OK, OK, so the exact target wasn't reached, which shows BTC is a touch more bullish than expected, which is funny, since there has been so much negative sentiment. But overall, that was a <10% range, and it was struck, and I also called the breakout with prior bullish wick.As of this date and time, you can see it has hit the downward channel resistance. My arrow indicates it will break through this resistance, but I may save all of that for a later post. Cheers!
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