BTCUSD Update --- Price is Rising -- but is this the UPTREND? Too early to say yet!

phisight (35)in #bitcoin • 7 years ago (edited)

HI Everyone,

I am pleased to share with you my Elliot wave perspective on Bitcoin BTCUSD price.

June 5, 2018 1 hour chart:

BTCUSD - Primary Analysis - Jun-05 0019 AM (1 hour).png

June 5, 2018 3 hour chart:

BTCUSD - Primary Analysis - Jun-04 2328 PM (3 hour).png

June 5, 2018 6 hour chart:

BTCUSD - Primary Analysis - Jun-05 0010 AM (6 hour).png

Price is rising but my primary feeling is that this rise is part of a three wave move into an e-wave of a B-wave triangle. The path that this could take is given in the charts above and seems to be tracing it out quite nicely. I would be carefully looking for topping signs in the blu box given in the charts! If it blows through them, great! IF not, it is a possibility to see a sharp move down to new lows. I still think long term that the price is going to stratospheric new heights, so I am overall very bullish on this complex. A corrective move down into the 3000-4700 region would be a very nice buying opportunity!

Here are my previous posts and charts and seems the analysis has been spot on SO FAR! Corrective fourth waves can take many twists and turns and while I am showing the primary path of the many that can be imagined at this time, if the primary expectation changes, I will surely update the steemit board.