RanaShoaib

RanaShoaib Updated 

What could be these things telling? Notice the heavy volume on trendline breakout candle.

RanaShoaib

The current correction, which formed a rising wedge pattern, has completed and lower boundary of the wedge has been broken. After the wedge breakout, BTC has formed a double top reversal pattern. Moreover, as shown in the chart, the wedge shaped correction was 61.8% retracement of the down wave. I expect BTC to decline from here and drop to or surpass the last...

RanaShoaib

It seems BTC shall rise a bit more before falling ultimately.

RanaShoaib

And here track is so obvious

RanaShoaib

See chart

RanaShoaib Updated 

BTC has broken support line and then retested it. Short and enjoy.

RanaShoaib Updated 

Once the support line is broken, fall well below 6000 is likely.

RanaShoaib

Here I present Elliott Wave Analysis of BTCUSD. As I had mentioned in my previous post, wave I down (impulse) was over and corrective wave II was in progress. Now the corrective wave has completed and in terms of Elliott Wave Theory, it was an expanded flat. Now wave III is in progress. The support line shown in the chart is holding the BTC up but soon I expect...

RanaShoaib

Here I present my wave analysis. The first motive wave down seems to have ended and now a correction i.e. wave II is in progress. I expect this wave II to terminate around 7100 and from there I expect wave III down to start. As you know wave III is the most powerful wave of all the motive waves and often it is 1.618 of wave I. If we take 1.618 fib extension of I,...

RanaShoaib

The chart is pretty much self explanatory. I think the correction has come to its terminus and I expect a decline from here. 50% Fibonacci retracement and strong resistances put weight behind my views. If I go short, I shall do so upon break of orange trendline. Further validation coming from RSI and MACD divergence. What do you think?