El Coino (the Coin) aka Bitcoin

that was QUITE the pop today and we are getting close to resolving “one more leg lower” or was that it …

either way, my BULLISH outlook on Bitcoin remains … the chart below is the bearish option and the one I’m going w/ for now … but, we will know soon.

be ready to shift to the “low” is in place and we are advancing in a 5th wave (foot stomp) but the move should be big ..

so, in the more near term bearish you can easily see we did 5 waves down and now we are simply doing a 3 wave B move and then a BIG C wave to come …

I’ve noted a very important level for resistance .. if that holds and we start down lower then it should be impulsive and powerful (like a classic C wave) …

I want to see that “resistance” level noted above to being take out to the upside before going long. truthfully, would love the a-b-c to be in play as it will give us a better AND a rule of life is that the C wave HAS TO BE 5 WAVES (EWT) and it’s usually very violent and harmonic and pretty easy to count so when we do go long, we should have a very risk controlled entry to go long.

yes, big spike today, but don’t get fooled or too bought into the bullish case, just yet.

hope makes sense .. let me know if I’m missing anything.

Bart

Author: BART

BART is a CMT and an expert a "advanced" pattern recognition used w/in the intermarket analysis discipline. He's also an accomplished Business Development Executive providing solutions to a myriad of business markets.

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