Bitcoin Update


If my wave count is correct, then this might be the last great buying opportunity for BTC. As I noted in my last update, we have seen a text book leading diagonal off the intermediate wave (4) low. As I also stated, second waves following leading diagonals typically retrace 78.6% in a 5,3,5 zig zag pattern. That is exactly what we now have! If correct, then: i) BTC should not make a lower low (and all the Wyckoff distribution nonsense can finally be put to bed) and ii) it should impulse upward in its third wave through previous resistance.

About alphahorn

I received an MBA from Columbia University’s Graduate School of Business in New York and am a Wall Street veteran. I’ve worked for a number of investment banks including Smith Barney and First Boston/C S First Boston in New York. Over the years, I have developed my own Proprietary Swing System and I combine that System with my own Elliott Wave Analysis to trade.
This entry was posted in 1StdDevAboveMA50 2ConsecutiveMDD 3ConsecutiveAboveMA200 3Push 5DaysBigGains 5WeekCycle 7DaysRule 8PlusBearBody 14DaysAboveMA5 123System 911Rally AAPL ADP ADThrust AllUpDay AMZN BaseAndBreakout BB Beta. Bookmark the permalink.

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