$BTCUSD Resistance Dead Ahead

Oct 2, 2017

The A,B,C pattern from the 3000 low can be counted as complete although there is no evidence to suggest a top is in. A small five decline below 4216 would suggest so. Until that happens, wave (v) of ((c)) may decide to subdivide its way to the area surrounding 4500. Notice the difference in the slopes of waves ((a)) and ((c)). The declining momentum of wave ((c)) adds confidence to the idea that this entire move up from 3000 is a counter trend move, a bear market rally. Because the wave count can be counted as complete, adding to any long positions here is ill advised. This is an opportune time to examine your stop loss levels at the very least.