BTC / USD Technical Analysis May 23, 2018

Well, BTC is not being easy to figure out. It dropped last night and invalidated my thinking that we were in a impulsive move up, creating a 2nd wave failure and a triple zig zag.

BTC Detail1 5-23-18.png

So upon a 2nd wave failure, I believe we are in a Triple Zig Zag (Labeled WXYXZ). Now assuming that the Cyan Wave A is complete, which it looks like buyers stepped in and stopped it's momentum, we will be watching the B wave for an indication of how far the C wave will go down.

I have projected a 0.65 fib retracement of the B wave and a 1:1 C wave extension, in relation to the A wave. That puts a target (Green box) between $7,200 and $6,850.

MACD Coil

Also, have a look at the MACD on the 4 hour chart. It suggest a symmetrical triangle that will eventually breakout before we reach the apex in June.

MACD 5-23-18.png

Longer Term Projection

This extended retracement only brings White Wave 1 into a deeper retracement as has been the character of Bitcoin since this extended correction. Plus it also brings it in close proximity of the green trend line from October 2017. Which I suspect will act as a support and bounce.

BTC Projection 5-23-18.png

Larger Blue Wave 3's projection hasn't changed since it's waves 1 & 2 are complete. Things are lining up to suggest that June is going to be an explosive month.

Note: If I'm long term investing in a coin I will hold a portion (10 - 25%), preferably in secure storage without trading them.

Disclaimer: This is my personal technical analysis. You should not trade cryptocurrencies without taking full responsibility for your own decisions. I will NOT be responsible for any loses you may have incurred based on my TA. Responsible money allocation is key to not gambling all your investments on one or a few trades. I am now a professional trader but am still learning the hard knocks and realities of swing trading full time. I take responsibility from my own decisions, so should you.