sebastian.seliga.7
Short

Bitcoin #BTCUSD - still more downside possible

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
After the three wave advance to the upside, the marked is reversing again towards the local lows at the level of $8,200. This small wave up might be a wave x, which indicates a possible drop lower towards the level of $7,712 as the correction evolves into a complex one. Moreover, the golden trend line is still providing the dynamic resistance for the price, so as long as this line is not violated, the outlook remains bearish .

May 16
Comment: The X-wave connector is completed. Now you need to move down again, because you need another three waves to complete the double zigzag.
First target level: $ 7,721
Second target level: $ 7,500
👨‍💼Sebastian Seliga - elliottFXtrader.com
👥Head of Analysis & Trading at BitBay
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@sebastian.seliga.7 Do you still feel that the $7721 target is achievable as the price seems to cross your downtrend resistance line (the orange line)?
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Perfect prediction
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Perfect prediction!!
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