Expecting more upside with Bitcoin
Updated
Pressing play on the "3 degrees of 5 wave patterns complete" chart a triangle has unfolded. The triangle indicates more bullishness but it's the final move next. The triangle is either complete with the initial waves 1 and 2 following (solid line) or, wave e is in its final move (dashed line).
The correction that follows should be BIG according to the larger Long-term count. If we continue to see further upside after this fifth wave is complete, I will have to re-evaluate the big picture expanding flat correction and consider this rally wave 1 of a much larger bullish trend.
For now, the expanding flat correction remains valid and my primary count. With several hard fork debates and fixed timelines to take effect, we may see forced changes or a split come to fruition along with negative psychology toward bitcoin's future.
The correction that follows should be BIG according to the larger Long-term count. If we continue to see further upside after this fifth wave is complete, I will have to re-evaluate the big picture expanding flat correction and consider this rally wave 1 of a much larger bullish trend.
For now, the expanding flat correction remains valid and my primary count. With several hard fork debates and fixed timelines to take effect, we may see forced changes or a split come to fruition along with negative psychology toward bitcoin's future.
Note
There is a triangle and it could very well be a "b" wave of ((iv)). Based on the latest big down candle breaking the dashed triangle barriers, this is the most appropriate count now. The bottom of wave ((iv)) will be a good long opportunity. ~1850 looks like a sound target.This is what I like about tradingview - sharing ideas and helping others see what we've overlooked.
credit Nickonomics
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