BITCOIN - BIG PICTURE - EXPANDING FLAT CORRECTION
Diupdate
In flat corrections, Wave B terminates near the end of Wave A. In expanded flats, wave B of the 3-3-5 pattern terminates beyond the starting level of wave A.
Subwave sequence is 3-3-5 ((A))-((B))-((C))
The big picture wave count based on the initial primary degree five wave rise from the Mt. Gox price data, is that BTCUSD is correcting in an expanding flat correction pattern. Wave ((B)) is entering its final couple subwaves to complete an ending diagonal pattern for wave (C) of ((B)). When the new all-time high is registered Bitcoin price will begin to unravel in a 5 wave impulse over several months to year(s) to complete the ((A))-((B))-((C)) pattern. The wave ((C)) low will mark the end of cycle degree wave II.
Subwave sequence is 3-3-5 ((A))-((B))-((C))
The big picture wave count based on the initial primary degree five wave rise from the Mt. Gox price data, is that BTCUSD is correcting in an expanding flat correction pattern. Wave ((B)) is entering its final couple subwaves to complete an ending diagonal pattern for wave (C) of ((B)). When the new all-time high is registered Bitcoin price will begin to unravel in a 5 wave impulse over several months to year(s) to complete the ((A))-((B))-((C)) pattern. The wave ((C)) low will mark the end of cycle degree wave II.
Catatan
Impressive numbers this week:The price of Bitcoin surpassed the price of gold. twitter.com/Schuldensuehner/status/837689817383206913
Bitcoin has a market cap over $19 billion and the value of all above-ground silver stocks is $18.43 billion. twitter.com/flibbr/status/836915924439547904
However, three different trade volume analyses reveal that while Bitcoin price has trended up to new all-time highs, volume has diverged since the previous price and volume highs. This suggests that the latest rally is not the start of a new trend but the weakening of a counter trend rally. People are getting excited – about new highs, Bitcoin has surpassed gold (price) and silver (market cap), and Bitcoin’s outperformance of the stock market when the stock indexes have also reached new all-time highs – it’s more likely time to take profits not buy in.
blockchain.info 7 day average volume
twitter.com/happy4kappy/status/835596675016192004
coindesk XBP price index volume
twitter.com/happy4kappy/status/835579292729901057/photo/1
Bitstamp volume
Catatan
Sentiments (thanks to ew-forecast) indicating BTC price is topping / at a major turn. twitter.com/GregaHorvatFX/status/841680570442776576Trade aktif
Minimum price target for all-time high has been met. A potential complete pattern is in place although I expect further highs to be made. I do not try to time markets. I have been dollar cost average purchasing BTCUSD. I am selling and taking profits and will look for high probability opportunities to take short positions.Catatan
Sentiment for May 2017trends.google.com/trends/explore?q="bitcoin" "moon"
cnbc.com/2017/05/08/bitcoin-price-hits-record-high-and-4000-is-ahead-investor-says.html
coindesk.com/bitcoin-hedge-fund-scaling-resolution-double-price/
nigeriatoday.ng/2017/05/bitcoins-price-moon-bound-breaking-1400-and-climbing/
Catatan
I under estimated how high wave 5 could go but, I did call for the throw-over which supports that this pattern may still be valid.
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