BITCOIN >>AUGUST 22<< POSSIBLE DEVELOPMENT UNTIL RECOVERY

21 août 2018

Some say BTC price is being manipulated by whales and that TA is null when it comes to BTC price action. It could be true, but as a trader we can always try especially when we see tradable patterns. I got to admit trading in this crypto market is challenging but not impossible. Here is my idea on the likely path to the end of the bear market. The 1st leg of the last zigzag is potentially over. In my previous analysis the wave count didn't look right as opposed to what the 50 ema was pointed out. A minor abc correction could be taking place and hit 38% of the previous leg before the last leg occurs. Again I could be wrong on that.


Remember, my wave targets and channels are estimate target levels and are based on Fibonacci and Elliot Wave Principles. They are subject to possible adjustments. Timeframe was not taken into consideration when projecting targets.
DISCLAIMER: THIS IS NOT PROFESSIONAL ADVICE BUT MY PERSONAL REFLECTION OF THE MARKET.

22 août 2018

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I realized this is the wrong Bitmex chart.

22 août 2018

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However the target is still the same and somehow got hit not the healthy way. Will we be heading down from there or continue up?

24 août 2018

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2 scenarios could be taking place. The first one is a correction of the previous leg at 38% fib could be over and a reversal will be taking place. The second one is we could go all the way to the 61% or between 61% and 78% and then reverse. Time will yell. Here are the 2 possibilities. I'll adjust the chart as we go.

25 août 2018

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25 août 2018

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The 50% around 7206 could also be a target