Oversold RSI matching previous leg up. Possible Wave 5?

14 Des 2017

Any Elliot Wave fans out there willing to offer opinions as to whether or not this is potentially a an incoming 5th wave up?

Hoping the bounce off the lower trend was our bottom here either way!

Check out the RSI right before the last surge and compare it to right now. Very closely matched. Volume seems to be the missing ingredient though.

15 Des 2017

Catatan

I am wondering if its me that's off on this or Coinbase's significant arbitrage difference against other exchanges. Either way, the downtrend went longer that i expected. I almost put stops in but held off feeling confident enough in a turn around.

Possible factors:

-XRP going nuts and lots of potential volume being sucked up
-Heard lots of people mentioning using LTC as a means to transfer their bitcoin of some of these shady AF exchanges.
-Weak hands from all the new traders jumping into a market they don't understand thinking its a sure thing, only to find themselves panic selling.

Keeping this open. I am hoping for movement back into the main channel then a retest of ATH. Most likely a small pull back to get rid of some bagholders and profit taking, then up to $600 range.