BTC bulls vs bears; 8400 as major support

9 May 2018

Seems like we have finished our Wave 1 with clear 5 waves up. However, many Ellioticians would argue on different counts but if you measure each wave using fib extension, the waves make sense.

Right now, we need to see an upward retracement to confirm if BTC is currently on an ABC correction with 8400 as the lowest target. Although that's too shallow of a Wave 2 retracement, but if we move lower, then expect a bounce somewhere near the 0.5 fib retracement (8200).

9 May 2018

Not

Channel acts as good support too

11 May 2018

Not

Channel definitely was good support. Expect a bounce here. Then a bear flag and another move down. Maybe to the 0.5 retracement

11 May 2018

Not

8245 which is the 0.5 retracement could be the major decision point for buyers here

11 May 2018

Not

Forming a channel here. Need to break on either side to confirm a change in trend.

11 May 2018

Not

we're about to bounce. maybe? just maybe.

11 May 2018

Not

bullish divergence, eh?

11 May 2018

Not

waiting for one more leg down til we reach that green box

11 May 2018

Not

then a bounce up to wave C until Sunday. Monday is usually a profit taking day

11 May 2018

Not

Possible that we have finished the ABC wave. But I dont know if this is the end of the correction. We still havent hit 0.5 fib so, maybe, this is is just Wave A of a bigger ABC wave.

We need more data to confirm as to where we are going next. We need to see the bounce then confirm what will happen next

11 May 2018

Not

8500 support incoming

11 May 2018

Not

will this trendline support hold?

11 May 2018

Not

if we reverse from 8500, expect an uptrend until Sunday

11 May 2018

Not

could be the last push by the bears

11 May 2018

Not

just a little bit more. if BTC goes lower than 8400, then 8300 is the next target.

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11 May 2018

Not

11 May 2018

Not

If we breakout above this channel, then the correction is over.