Bitcoin 27/06/18

How much longer until lambo season?

Is the question on everyone's mind. This current bear trend is currently celebrating its 192nd birth(day)day, which feels like 100 crypto years.

All kidding aside, I do think that it will be over soon. But I am going to reiterate it yet again, we STILL need to correct a bit further.

Disclaimer: I am not a financial advisor and this post is for educational purposes only.

A) Full Chart

I will zoom into the technical bits further on in the post, for now we will just look at the general path. I think that we have nearly completed a WXY correction. We have a standard ABC correction down for the W wave, a 5 wave impulse up to complete the X and we are currently moving within a more complex ABC correction to complete the Y wave.

B) The Y wave

The chart above shows the ABC correction that is going to make up the Y wave. I personally see a clear 5 waves down(the A wave), 3 waves back up (the B wave) and we are now riding the last five waves down to complete the C wave.

c) The final C wave in the Y wave?

This chart shows the final C wave of the Y wave. I think it works quite well, we're just going to have to wait to see. So at the moment Bitcoin is completing the 4th wave of the 5 waves down. I took some simple fibonacci levels, the inside levels are a projection of the 1st wave onto the 4th wave (I have estimated the 4th wave will retrace 0.382% of the 3rd wave) and the outside fib levels are drawn from the bottom of wave 3 up to where the 2nd wave finishes.

We can see two zones of interest 1) The 0.854projection almost perfectly coincides with the 1.236 2) The 1-1 projection of the 1st wave onto the 4th and the 1.382 of the outside fib.

C) What next?

It would be nice to think that the correction will finish in the next few weeks. But, crypto is extremely unpredictable and volatile anything could happen. One loose theory is that we could get another impulse wave back up and we then further retrace to join an XZ wave onto the correction to make it a very lengthy WXYXZ correction.

Happy trading see you guys soon!