alphahorn

Bitcoin: BTC - Two wave counts, bears taking the lead

BITSTAMP:BTCUSD   Bitcoin / Dollar
BTC             is looking more and more like its headed toward a bearish resolution. Typically following a major bottom as per the bullish count that primary wave two had concluded, we'd see a V bottom with a pretty steep beginning to primary wave three. This has been anything but. Plus, the continued lower highs and higher lows points to a triangle pattern - consistent with fourth waves and in this case minor wave 4 of intermediate wave (C) of primary wave two. Currently, it looks like the d wave is concluding which means a small push up to complete e and the wave 4 triangle should follow, then an impulsive break down to complete minor wave 5 and primary wave two.

The bullish count is slow playing its beginning to what should be an even more impressive run than the one that concluded at its all time high. If it is to prevail, then it needs to bust up through the upper triangle tend line and not look back.

This doesn't feel bullish . I'm currently long, but will exit on either a break down below the lower trend line of the triangle or on the bounce from here. I'll re-enter the long trade on a break up through the upper triangle trend line .
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