Bitcoin Daily - Busy chart but lots of infoI'll get right to it. What's next? We are all looking for "The Turn" right? Well here is what I am looking at so far. We have a clearly defined channel from the bottom with an accurate center line (white). The price has been playing off the top, middle, and bottom of this channel. We also have, what I believe, is the completing of a minor Wave 5 (orange) of a larger Wave 5 (dark blue). After every Wave 5 there is a mandatory ABC retrace of some sort. This is what we may be building now. On the daily chart this could take awhile. As pure speculation I added a large triangle (baby blue) because BTC seems to LOVE its traiangles. In the background you can still see parts of the Major Fib-Channel (black slanted dotted line and baby blue dotted line) You can also see some key Fib levels circled in green. The large Fibs are from the bottom to the top of the move and the smaller Fibs are from the Top of the move down to the Wave 4 touch of the pink channel and Major Fib Channel (baby blue dotted).
Conclusions / speculations: You can see the price has pierced the .50 Fib and has pulled above it again. It could go higher to put in the top of Wave B of the retrace over the next couple of days. It could also continue to fall to the 61.8 Fib around 9974 to mark the bottom of A before reversing to make B. You can see it could also hit the larger 38.2 Fib (Blue) around 9532 or the lesser 78.6 Fib (black) around 8915. I think going all the way to the bottom of the channel at this point is less likely. more likely is to make a turn now around the black .50 Fib 10717 or continue and stop at the 61.8 yellow 9974 and then turn for B. Then the top of wave B might bounce off the middle channel line (white) and can continue down to touch the bottom of the channel to complete wave C.
All this action of course will start to form some sort of recognizable pattern. I'm going with an ascending triangle for now. The touch points will become more clear later. The price has already dropped over 25% from the top (point A) and should be over 30% if the price continues down and over to touch the bottom of the channel (pink)
If this plays out somewhat as described above I'll be taking off my shoe to remove the last few hidden dollars I have and sinking them in to BTC. I'm going to check the couch and dryer for lose change too and see if my kid will spot me a loan from his allowance. :)
Or, this could all be total crap and not do anything close to what I am envisioning. lol
Good Luck!
