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Elliottwaveidea

Bitcoin Weekly UpdateHello Traders, welcome to this week’s analysis on bitcoin. I hope you are all doing great From our last analysis, we expected some retracements for wave W, which we got and I labelled wave X, having a closer look on the smaller timeframe, the corrective structure looks like a zig zag, with 5 waves down in W and 3 waves up in X, in theory we should label WXY as ABC, but I kept it as WXY to remove a bit of speculation in case there’s a change in trend. Zigzag is the easiest type of correction to trade. Very similar with the motive phase with a 5,3,5 ABC structure. It’s a very common pattern to see in waves 2, 4 and B with 2 major rules: Wave B(X in this case) must end below the starting point of wave A(which I labelled W) Wave C(which I call Y) must break below the ending point of of wave A(which I called W). So, what do we expect from here? We expect btc to make a continuation to the downside to complete the corrective structure. The 16k region is a crucial point to watch. If it breaks, that will make more room for downward movement and 14k could easily come in place. Trade setup: taking a short position from mid 18k and riding the wave down, target profit will be between 16k to 14k region. I’ll be updating the post as we move. If you enjoyed this analysis, don’t forget to hit the like button, share, subscribe and stay tuned to this channel for more free updates. Don’t forget to share your questions, ideas and chart with the community in the comment section below. Donations via TradingView coins also helps me at posting more free trading content and signals here. Thanks for your continued support as always. Ride the wave and stay profitable Have a wonderful week. I’ll see you all shortly Thank you Namaste! Traders. Nueel_classic.
BITSTAMP:BTCUSDShort
by Nueel_classic
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