BITSTAMP:BTCUSD appears to be entering the final leg of its correction that began in December. Price target in the mid-$8,000s. A strong move above $13,000 would invalidate my current outlook and precede higher prices.
As this, in my opinion, should be the final leg down during this correction, I will not be taking any short positions. Opening shorts on the final leg of a correction can end badly if the final leg truncates or if the count is wrong to start with. This is the reason for my neutral investment strategy.
Good luck!
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Updated chart / Wave Count:
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End of wave 4 condition has been fulfilled. The downtrend is likely to resume shortly.
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#Bitcoin continuing to move lower. We are likely now entering into the worst part of the final leg down, Wave 3 of Wave 5 of C. Expect a quick drop from here. This is one analysis that I would prefer being completely wrong about!!!
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Unfortunately, Bitcoin is continuing right along as expected:
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Bitcoin is continuing to drop towards a retest of the lows, as expected. Also, as predicted in the last update, the move to the downside as accelerated into wave 3 of 5 of C.
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Will likely get a small bounce here into wave IV of Wave 5 of C before we head lower again and retest or surpass the $9,200 lows.
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Update: Wave V of 5 of C incoming, the retest of the $9,200 lows could very well take place over night (US EST).
Agreed, clear head and shoulders on the 1 hour right now is a strong signal we are going down to 8k.
jamikr
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so yu are saying that your target is 8800 right? i'm sorta new so trying to follow your latest attachment chart. thanks!
jamikr
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@jamikr, nevermind i think i see it. that IS what you are saying.. but that there are 5 waves....
BTCBanker1
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@jamikr, Read it as if my target is just above the V, 5, and C at the bottom of the chart. So I’m basically saying that for now I think we are going to at least retest the lows in the $9,000-$9,200 range. Putting an exact target out there is a reckless thing to do, although as we get closer and closer, watching the waves develop, we can narrow down the target a bit better. For right now just assume that we will at least retest the lows. What happens when we get there can certainly change the outlook.
jamikr
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@BTCBanker1, got it. i am trying to learn this all and your stuff is great to help. so thank you so much.