BullWick

BTC reversed already?

BITFINEX:BTCUSD   Bitcoin / Đô la
A possible scenario is this ascending right triangle where 1of3 forms the upcoming D wave, 2of3 forms the E wave in the triangle and 3of3 breaks out and makes all the bulls' dreams come true.

This would jive well with the series of flash crashes and long wicks being bought up near the bottom of this formation where some are definitely increasing their positions feasting on stops getting hit. Oversold alts will skyrocket on this D wave and then fall back again on E and 3of3 where BTC             will dominate all as it shoots up rapidly.

That's how I see it anyway. Take it with a grain of salt and don't use this idea to trade on. we can just as easily have a massive 1k selloff in an hour like from 10600 to 9500 and hit major support at 9300 below. Any farther down and we can throw out all bullish EW counts.
Bình luận: correction: not all bullish EW counts get tossed as a truncated 5th wave of wave 1 could be carrying out its ABC correction. I meant that any EW count that already had us on wave 3 from 9350 would be invalidated.
If you count this as possible triangle, this must be like wave b of c (of X), so you must accept the movement since 7 february is a countertrend and lower price will be done.
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BullWick FilipeMiguel
@FilipeMiguel,
Thank you for the insight.
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BullWick FilipeMiguel
@FilipeMiguel,
Really I was counting it as and ABC following 1 wave up. Then waves 1 and 2 of 3 complete the triangle shape. C would have to be complete now though.
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BullWick FilipeMiguel
@FilipeMiguel,
Looking at your lower price idea again... If triangle were to form and then break down there would be a H&S formation meaning that if it were to pierce the neckline the downward target would be about 7K.
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