Jun 28

BTC / USD Daily Wave Count Update – June 28, 2017

I currently have the count for Bitcoin in wave 4 – [3] – P3. The high at 3003 on Bitfinex marked the top for wave 3 – [3] – P3. Wave 3 did not disappoint, reaching a fib extension of 3.78 times the length of wave 1 – [3]. This surpassed my expectations, as you can see from my previous post.

 

At this time, I expect Bitcoin to form a flat-top ascending triangle consolidation. The triangle shape and price, shown with the blue lines in the daily chart, are an estimate. The drop for wave C-4-[3] may be complete at 2207, or it can move lower a bit more towards the A-4-[3] low at 2046. Wave C cannot move lower than wave A.

 

Additionaly, the triangle can form two different shapes:

  • Flat top ascending (shown in chart)
  • Descending – Top line of triangle points downward, price stalls at wave D
    rather than matching B wave high.

 

This triangle formation will allow Bitcoin price to consolidate before making its final wave 5 – [3]. As you can see from the chart, the pattern can last a reasonable amount of time as price movement disappoints buyers who may be looking for a new high and sellers that are looking for new lows.

 

 

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