Bitcoin Update

Well it looks like the bottom is in for BTC/USD. Everything pointed to a well-developed flat for intermediate wave (4) as I noted at 30k. The recent double bottom move to 31K should end minute wave [ii] of minor wave 1 of intermediate wave (5) of primary wave [3]. If correct, then we should see a nice move up to the much awaited 100,000 level for Bitcoin in the coming months. As you can see in the weekly BTC chart below. BTC found support right where one should expect it to find it: at the lower price channel line and at the wave four of lesser degree, minor wave 4 of intermediate wave (3) low. After re-testing the price channel’s 2/4 Elliott Wave line in minute wave [ii], BTC has rebounded nicely. (Note: the lower channel line in Elliott Wave terms is called the 2/4 line. Second and fourth waves of various degrees often find this line for support. Today’s touch is the fourth touch of this line since the channel was established). Many traders believe this bounce to around 40K will be a bull trap and a sell-off to 20-25K will follow. I think this is very unlikely. However. it is possible that intermediate wave (4) is not over, but its low is in place. In other words, it is possible that we have further consolidation between say 42K and 35k as a triangle is traced out for intermediate wave (4). I would put this scenario as an alternative count with less likelihood than the scenario described above.

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 Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s