fmonr17

BTC / Elliot wave count.

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BITFINEX:BTCUSD   Bitcoin / Dólar estadounidense
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(Bitfinex Chart)
BTC its in a ascending channel , since aug 14 when it bottomed to $5900ish zone. Starting a bullish rally to $6500 zone, as an EW 1 is finished and where its corrections starts, an accumulation phase that last until the 21st of aug, when in the range of $6200 continue again with the 3th EW, and soars from this past range to $6850 in no more than 2 days (+10% in less than 48 hours), with the RSI indicating the asset been overbought, at a 79 level; at the same time the MACD indicates a bearish correlation, giving more strenght to a change of tendency in lower time frame. The 4 EW tanks BTC´s from $6897 to $6261 (9.54% in 20 Hours), where it´s trend change is indicated by a bullish Inside bar pattern, where the 5th EW starts, with a more sideways wave, the same as the RSI indicator which slowly bullrun in the area of 45 to 55+; even though the MACD had a bearish divergence, it rebound at the upper side of the osccillator, giving more strength to the bulls. The volume increases slowly, until august 27 where it has a significant (but not astronomical) increase on it giving a push to $7154, having a RSI at 76, MACD with a strong bearish divergence where in facto changed it trend. Next posible scenario for btc is to re test the lower frame of the ascending channel , and then we can see if it rebounds around the $6600ish zone or continues with its downtrend to a next support of $6200 zone. I can incline myself more for the rebound.

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