BTCUSD - Bitcoint in Bearish Configuration by DanV on TradingView.com
7 January 2014
I have been highlighting this for some time that Bitcoin is in EW terms in a Flat Correction which is referred to as 3-3-5.
In my chart I suggested that with a possible upside to 1250 for double top but was also accepting 1100 zone as possible top which is 88.6% retracement of the move from 450 low - check the chart.
I subsequently explained in the live sessions the potential implication of the forthcoming decline which I gather is not welcomed by many traders but might be hard lesson to learn.
The recordings are available on YouTube if you wish to check them out for more details.
Here are the links Video 1 and Video 2.
Whilst it not possible to plot out exact path of the price to possible 450-300 area, in this chart I am suggesting potential course of the price with free hand sketch to suggest overall directions and not necessarily exact levels. Also some time symmetry suggest continued decline to back end of January at least.