BitcoinShort
Part 1 – Weekly Chart – Cycles & The Big Picture
From an Elliott Wave standpoint, and also from the technical perspective, it can be established that the former bullish parabolic swing represents the
dominant trend. The down-trend presents multiple overlaps and corrective characteristics, making it a corrective bearish sequence.
In technical analysis, the bearish sequence could represent a “healthy” retracement, one which would be needed if BTC/USD were to resume its bullish
destiny.
The all-time-high and peak for BTC/USD seen on December 17th, 2017 has been labeled as Cycle Wave I (black). Moving towards the bearish corrective
cycle, this wave has been labeled as Cycle Wave II (black).
Cycle Wave I (black) started ever since the beginning and completed its Motive Wave sequence along with its peak. It is mandatory to state that this not just
any Motive Wave, it’s a Bullish Impulse.
The previous rally presents all the characteristics of an Impulse, and this is giving a fellow trader or investor a very valuable hint, thus resulting in thinking
that the next bullish cycle would take a Wave III form.
Cycle Wave III’s (black) swing could present an Extension in its impulsive sub-waves, hence the reason why, from a mathematical and Fibonacci point of
view, BTC/USD could increase 10 times in value from the price it would bottom out.
The bigger picture points towards the possibility that BTC/USD could rise towards the $35,177.20 levels, from around the $3,310.47 levels.
When would BTC bottom out?
For a clearer view and less noise, the corrective cycle would need to be analyzed carefully.
Cycle Wave II (black) has been labeled and classified as a Complex Corrective Structure, more exactly as a Triple Three in its Primary WXYXZ (red) sub-waves.
The Triple Three Pattern seems to be delimited by a Descending Channel, with the lower parallel trend-line pointing towards the next best point of interest.
According to the weekly chart, Bitcoin/US Dollar could continue falling in a bearish impulse towards the $3500 vibration zone, where it would be expected
to react violently and resume the dominant trend, with a never-seen-before rally.
Furthermore, the Daily chart will be closely examined, thus zooming in and getting even closer with this very courageous view on Bitcoin.
Idea created by Lionheart-EWA
Website & Services: lionheart-ewa.com
dominant trend. The down-trend presents multiple overlaps and corrective characteristics, making it a corrective bearish sequence.
In technical analysis, the bearish sequence could represent a “healthy” retracement, one which would be needed if BTC/USD were to resume its bullish
destiny.
The all-time-high and peak for BTC/USD seen on December 17th, 2017 has been labeled as Cycle Wave I (black). Moving towards the bearish corrective
cycle, this wave has been labeled as Cycle Wave II (black).
Cycle Wave I (black) started ever since the beginning and completed its Motive Wave sequence along with its peak. It is mandatory to state that this not just
any Motive Wave, it’s a Bullish Impulse.
The previous rally presents all the characteristics of an Impulse, and this is giving a fellow trader or investor a very valuable hint, thus resulting in thinking
that the next bullish cycle would take a Wave III form.
Cycle Wave III’s (black) swing could present an Extension in its impulsive sub-waves, hence the reason why, from a mathematical and Fibonacci point of
view, BTC/USD could increase 10 times in value from the price it would bottom out.
The bigger picture points towards the possibility that BTC/USD could rise towards the $35,177.20 levels, from around the $3,310.47 levels.
When would BTC bottom out?
For a clearer view and less noise, the corrective cycle would need to be analyzed carefully.
Cycle Wave II (black) has been labeled and classified as a Complex Corrective Structure, more exactly as a Triple Three in its Primary WXYXZ (red) sub-waves.
The Triple Three Pattern seems to be delimited by a Descending Channel, with the lower parallel trend-line pointing towards the next best point of interest.
According to the weekly chart, Bitcoin/US Dollar could continue falling in a bearish impulse towards the $3500 vibration zone, where it would be expected
to react violently and resume the dominant trend, with a never-seen-before rally.
Furthermore, the Daily chart will be closely examined, thus zooming in and getting even closer with this very courageous view on Bitcoin.
Idea created by Lionheart-EWA
Website & Services: lionheart-ewa.com
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