ChartTrader888

BTC in ABC Corrective SHORT, before Reversal to LONG

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
It seems that BTC is in an 'ABC' Corrective move SHORT and has almost completed waveA, as per my correct analysis (see below in the related ideas link).
WaveB will most likely be the target from the Bullish Butterfly Harmonic see below in the 1 Hour chart.

From here there should be a LONG to the end of WaveB (Either targets #1 and #2 - But in my opinion Target 1 will hit only), before the next run down SHORT for WaveC.

Based on my calculations, WaveC SHORT has 2 possible Reversal Points, See the Daily Chart .
1) SHORT to the Reversal #1 (High Probability) may be the '$5,000' range where a major Flip Zone exists, here I will make another Entry and purchase LONG more 'BTC' before the $7,000 ~ $9,000 target is reached.
2) SHORT to the Reversal #2 (Low Probability) may be down to the '$2,800' range where Major Support exists as well as a confirmation of a Bullish Cypher Harmonic .
This would be the perfect entry to purchase significant amounts of 'BTC' as a reversal at this point will be hard and fast, all the way up to the $9,000 range during December 2017.

'TDI' on the Daily shows sharkfin and blood in the water completed, with RSI coming out of the Overbought zone and has a downward direction. EMAs are still pointing upwards on the Daily which suggests continued upward trend, as well as the Mustard and Ketchup EMAs, have not yet crossed on the daily.
In my opinion, price action most likely may Pin the Water EMA (50 EMA ) and will reverse at that point. However there is also the probability that the Bullish Cypher Harmonic may confirm, which will mean a significant drop in price, all the way down to the '$2,800' area, however, in my opinion, this is low probability to keep in mind. Note: That will NOT be a Crash, it is called a CORRECTION, nothing to worry about if it happens. Professional traders use corrections as a good entry to LONG this Crypto, for additional profit. Amateur traders will panic sell this which will drive the value down faster.

----------------------------------------------------------------------------------------------------------------------------------------------------------
DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar.
This chart analysis is only provided as my own opinion, based on my own analysis and comes with absolutely no warranty that this analysis is correct, whatsoever. Do not trade this chart if you do not have your own strategy. Trade only with your own strategy at your own risk. Plan your trade and trade your plan... and IF in doubt, stay out.

.....::::: If you like this chart, please click on the THUMBS UP! :::::.....
----------------------------------------------------------------------------------------------------------------------------------------------------------
Comment: Bullish Butterfly Harmonic has now confirmed, awaiting a small retracement, most likely to Target#1 for the WaveB count, before another drop for WaveC count.
Comment: Bullish Butterfly Harmonic has just been invalidated passing the low threshold, so now we will see a deeper WaveA corrective move.
Comment: Corrective move almost complete, although the low breached my criteria, the Harmonic is still valid and now seems to be completing WaveB. Now awaiting either continuation of WaveB to the second Harmonic Target#2, or a drop for WaveC.
Comment: Wave count slightly adjusted for larger sized WaveB which occurred through a breakout of structure.
Comment: Awaiting breach of Organge trendline for confirmation of completed WaveB to WaceC progression.

Comments

I have 6028 close to your point B, too...cheers! COnfluence of fibo extension and 0.786, yeah?
Reply
ChartTrader888 ErikFertsman
@ErikFertsman, Yes pretty much, I don't like putting the fibos on the chart because it becomes too messy. Well done great work ! Lets hope it continues downtrend now until WaveC, I'm going to buy an absolute truckload of BTC :D
+1 Reply
thanks for your input. According to your chart corrective A is done, as it drops to 5470 fot thr timr bring, am I right ?
Reply
banderin banderin
@banderin, dropped to 5470 for the time being
Reply
@banderin, although my SL was breached for the Harmonic and invalidated it (as a trade entry), it can still be considered a valid pattern and now has almost completed WaveB. However the Target#2 can still be reached also.
Once WaveB has fully completed, we should see another drop for WaveC. The target for that can be 2 points, in my opinion, either the first flipzone or second, as marked on the chart.
Both points are good buys for BTC, however if you buy at the first flipzone, be prepared to ride a significant drop 'IF' the price action continues in bearish trend. If not, it will be headed upwards.
Also be aware of the coming fork in November which will no doubt affect the market.
+1 Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out