BTC finally starting our way down to the bottom

5 Apr 2018

The Elliott Wave count was very hard to figure out for awhile, so I ditched it. After the 5th wave completed on the Micro level that confirmed it for me. Wave 3 was so overly extended (which was the reason the count was hard) that wave 5 was almost a perfect 1:1 extension of wave 1. Next was our larger B corrective wave, which a lot of analysts were trying to count 5 waves up, but couldn't. That's because it should only be 3. Many people thought it was the start of a bull trend. I made no trades until I confirmed the 3 waves up + RSI + MACD + Rising Wedge + 100 EMA resistance on the 4-hour timeframe. When it broke the wedge and started to fall hard it was evident we were/are starting our final C wave composed of 5-3-5. We are now finishing wave 5 of the first 5 waves. The bottom will be determined easier the closer we get, but for now, I would expect AT LEAST $5,800 for the double bottom, possibly lower. Thumbs up if you would like me to update this.