Bitcoin #BTCUSD - more downside in view

May 14, 2018

After the three wave advance to the upside, the marked is reversing again towards the local lows at the level of $8,200. This small wave up might be a wave x, which indicates a possible drop lower towards the level of $7,712 as the correction evolves into a complex one. Moreover, the golden trend line is still providing the dynamic resistance for the price, so as long as this line is not violated, the outlook remains bearish.

May 16, 2018

Comment

The X-wave connector is completed. Now you need to move down again, because you need another three waves to complete the double zigzag.
First target level: $ 7,721
Second target level: $ 7,500