In this blog, I want to share some short-term Elliott Wave charts of Bitcoin which we presented to our members in the past. Below, you see the 1-hour updated chart presented to our clients on the 11/06/18 showing Bitcoin in an Elliott wave Tringle structure in red wave B pullback.
Bitcoin ended the cycle from 10/15/18 peak in black wave ((d)) at 10/31 low, and we expected a pullback to occur in black wave ((e)) of red wave B. As it ended black wave ((d)) at 10/31 low (6203) It started the pullback. Above from that low, the pullback unfolded in an Elliott Wave double three structure. We advised members that Bitcoin ideally should continue lower as long as it remained below 6756 invalidation level. Therefore, we expected sellers to appear in the sequences of 3, 7 or 11 swings. At the 100 – 1.236 Fibonacci extension of blue (w)-(x). Which came at around 6490-6533.88 area. And that was the first area for sellers to appear and to ideally end the triangle correction.
Bitcoin 11.06.2018 1 Hour Chart Elliott Wave Analysis
In the last Elliott Wave chart, you can see that the Crypto reached the blue box area ( 6490-6533.88) and reacted lower and is suggesting that it has ended the triangle correction in red wave B. However, for final confirmation that it has red wave B. It needs to break red wave A low which comes at 08/14 (5883.83). But as long as the price stays below 6756 peak it should continue lower. If traded our blue box area shown in the chart above. Then any trades from that area were risk-free, which means the stop-loss should be moved to break even. Do please keep in mind that the 1-hour chart which I presented may have changed already. This blog should just illustrate how accurate our blue boxes are. And how our members trade our 3-7 or 11 swings strategy.
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Bitcoin 11.08.2018 1 Hour Chart Elliott Wave Analysis
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We believe in cycles, distribution, and many other tools in addition to the classic or new Elliott Wave Principle.