As described in my previous Bitcoin chart, we had the possibility of a weekly downtrend signal to fail, providing us with an important clue towards a resumption of the bullish long term trend.
As Tim West points out in his own analysis, there is accumulation going on in the background, and there hasn't been a new low in some time since we hit the 150 zone.
The setup here suggests buying a retracement, since it's probable to see some more downside before a steep move up.
In Elliott Wave terms, if the move is a 3 part correction, then this was indeed a leading diagonal wave 1 in a new bullish cycle.
Time at mode uptrend is valid as long as above the 12 bar mode level. If it retraces to retest any of the lines, it's still potentially a buy.
See the related ideas for more info.
As Tim West points out in his own analysis, there is accumulation going on in the background, and there hasn't been a new low in some time since we hit the 150 zone.
The setup here suggests buying a retracement, since it's probable to see some more downside before a steep move up.
In Elliott Wave terms, if the move is a 3 part correction, then this was indeed a leading diagonal wave 1 in a new bullish cycle.
Time at mode uptrend is valid as long as above the 12 bar mode level. If it retraces to retest any of the lines, it's still potentially a buy.
See the related ideas for more info.
