BTC update 06.04.18

ew-and-patterns(71)

Published in

#btc

Words

0

Reading

0 min

Listen

Play

2018-04-06 09:03

New lows in BTC are imminent. The last bullish count I can find will be invalid below 6400$. This invalidation could happen in the next hours or minutes, because BTC is already down to 6600$.

Here is the bullcount:

Update: It is not invalid 6400$ but 5920$, because there is a way to count wave e as a 5-3-5 which I did not see at first glance.

But here is the more likely bearcount with 3 possible support zones to end the downtrend:

Those support zones are 5400$, 4850$ and 3550$. So the buy zone is between 5400$ and 3550$ BTC.

Keep in mind that BTC is very close to producing a death cross, which happens when the 50 dma crosses the 200 dma from above:

Bitcoin BTC_USD(1).png

In this picture I projected the breakout from this channel to the downside. (for symmetrical reasons)

image (5).png
If you think this to be useful information:

Feel free to use and share my charts, but please mention me, @ew-and-patterns as the author. Otherwise it is considered plagiarism and I will flag you and advise my friends to do the same.

MUST READ!
DISCLAIMER: This post / analysis serves general information purposes only. I am not, and never will be a financial adviser. The material in this post does not constitute any trading advice whatsoever. This is just the way I see the charts and what my trading ideas (from my personal experiences) are. I use chart pattern and Elliott Wave analysis for my trading ideas.
For full disclosure: The author of this post is holding positions in this market at the time of this post. Please conduct your own due diligence, if you plan to copy anyones investment decisions!
If you make any trades or investments after reading this post, it is completely in your own responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept to never hold me accountable for any of your losses.