Bitcoin downside target determined in May 2018 !

Bitcoin Elliott Wave Analysis. As on 27 Nov 2018. CMP 3,700 (US Dollars).

After a 9 wave triangle, Bitcoin has reached our downward target of 3,500 that we put forward way back in our 1st post of 17 May when Bitcoin was 8,285.  (Bitcoin touched 3,497 last week).

Post of 17 May given at end of post.  Notice even the structure of the path did not change.  A bearish triangle unfolded for 9 months before it thrust lower.

Chart as of 27 Nov 2018.

 

POST OF BITCOIN ON 17 MAY 2018

Bitcoin USD Elliott wave count.  As on 17 May 2018.  CMP 8,285

Price is in a middle of a correction, and it is too early to call the corrective wave structure anywhere near complete.  Below is not a predictive, but more likely a hypothetical path that Bitcoin could follow.  Irrespective of the near and medium term paths, Bitcoin is likely to complete its correction below the US$ 4000 level, nearer the 3,500 level, which is the origin of the 2nd wave of the 5th wave of larger degree.

Bitcoin USD elliott wave

Bitcoin likely to complete its correction near the 3,500 level.