New pattern alert in BTC. For me, this looks like a classic 3-3-5 expanded flat pattern. It would fit perfectly into the current big WXYX2Z correction.
It should complete the X2 part and end with a new panic low in wave Z which right now looks like it's going to be at least 7,500$.
BTC is has managed to stay above the downtrend line for now. This is short term bullish, but as you can see I expect a sharp reversal @ 14,000$ or even 15,000$ at the latest. The invalidation point for this pattern is 16,100$, but I am quite confident, that it will not be able to go this high and that a new panic low is needed.
This downtrend line might play a big role in the coming weeks. If we bounce off it after a panic low, this might just end the downtrend and start a new impulse wave towards my target 45,000$ or even 66,000$ (target of my friend @passion-ground, I resteemed his EW post).
This bounce could also happen at the range of the next support zones, starting @ 7,500$ (62% retrace from ATH) and ending with 4,356$ (78% retrace from ATH). Within this range, there are many strong support levels, so I am confident that it will turn there.
Maybe around this time, there could be a news arriving that the lightning network (which is already partially initiated and working) has reached its full capacity and is running without any beta testing bugs...
We will find out soon... Stay tuned...
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.
Please consider leaving a comment, like or resteem, if this post entertained you or helped you see things differently...
Have a nice day :-)