BTC in correction

٦ مايو ٢٠١٨

It appears that Bitcoin has completed five waves and has now started a correction. Not a trading suggestion - just for my future reference.

٧ مايو ٢٠١٨

ملاحظة

Going down as predicted!

٢٠ مايو ٢٠١٨

ملاحظة

ABC correction started on May 6 as shown in the main chart but was unable to retrace Bitcoin back to the expected 0.618 level of 7833. Therefore, I predicted on May 15 that Bitcoin could retrace further in an WXY pattern:

٢٠ مايو ٢٠١٨

ملاحظة

Now Bitcoin is moving down in the leg Y of the WXY pattern as predicted. It has completed the A wave and is now going up in the B wave as expected but one more leg down is yet to be completed. Here is an updated chart.

٢٠ مايو ٢٠١٨

ملاحظة

Note that the completion of the Y wave as shown in this chart would retrace Bitcoin by 62% from the high of around 10000. However, Wave Y will only be 78% of wave W at this level. If wave Y wants to achieve equality with wave W then it could go down further to 78% entrancement level shown on the chart though it is less likely.

٢٠ مايو ٢٠١٨

ملاحظة

Bitcoin is expected to go up to 14000 by July after the completion of Wave Y. Here is a big picture idea of Bitcoin movements until December this year.

٢٠ مايو ٢٠١٨

ملاحظة