XForceGlobal
XForceGlobal 2 minutes reading from Bitcoin

$BTC Primary Macro Analysis (5/5/2016)

BTC Primary Macro Analysis

(1/5) Before we get into the local shorter timeframe analysis, let's recap on what we got for the primary timeframes. First contender is not based on diagonals but a rather larger degree WXY. We are looking for that partner Y leg in the coming months.

(2/5) The second idea is based on a WXY, ending with a diagonal variation. I like diagonals, but I always make sure to put them as my alternatives as they are tricky and people prematurely predict them on the subwave 3. We need at least a subwave 4 to have some probability.

(3/5) We can count this ending diagonal variation as a larger ABC, which primarily remains the same for targets. Just really depends on the consolidation for the next week or two.

(4/5) Least probable scenario is the 5-wave, which is going to have to force the bottom to be a larger C of a higher degree wave 4, which then forces us to see BTC into an expanded variation flat. It has a good "look", but zooming out is important as wave 4 is almost invalidated.

(5/5) What's important is making sure to see what you value. When BTC nears new lows, classical TA becomes more significant, i.e. RSI daily divergence has more weight - so use that to your advantage. Most scenarios lead to one more high before some kind of partner leg down.

This post is based on this twitter thread.

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