ericrutjes

ericrutjes

By the looks of it..the sellers are running out of steam.

ericrutjes

We hit the 0.618 was hit to the tick. The Elliot count support it. Let see if we can get a impulse off this 8550 low.

ericrutjes

Often Simple is better. We could be done with this correction although i think we will get one little push down to around 8500.

ericrutjes

Just a good practice to try and label a complex correction if you like Elliot wave. This labeling can change if the price does something different. Elliot wave is subjective and can be confusing but can help you get the perfect entry. There are almost always different counts to make. For me that´s the fun of solving the puzzle.

ericrutjes

Almost in the 0.618 golden zone. Let's see what happens.

ericrutjes

It seems we need to do one more push down to the 0.618 area.

ericrutjes

The 0.618 the most important retrace level for bitcoin (and also other markets). Almost every swing lo to swing high retrace back to the 0.618 fib level. Use it to BTFD!

ericrutjes

A decline is still expected to around 8600/8300

ericrutjes

10 year history. How can anyone think we are going down to new lows?? If you think it will..good luck.. This monthly chart shows a huge bullflag. If we break 14 k... Hold on tight

ericrutjes

If we hold support this will likely be the count for the bulls.

ericrutjes

Still expect a decline to +- 8500. If we break the last high 9600 we could get bullish and this count is invalid.

ericrutjes

If we don´t break down to 8500-ish then a break above 10k will confirm a bull run to 12,5 k / 14 k There is also a pretty looking bull-flag on the daily.

ericrutjes

If we break down. a good place to buy would be between 8600 - 8400

ericrutjes Updated 

If your lucky we can go to the 8700 range. 0.618 fib level for THE epic buy. We did hit de 0.5 fib already so lets see..

ericrutjes

China..Right....

ericrutjes

Checkout the bear market trendline. The clear break was the start off the Bull. Just playing around with other price metrics.

ericrutjes

sometimes it´s more clear in other charts. Keep it simple

ericrutjes

Sometimes it´s more clear in other charts using elliot wave and fibs