BITCOIN BTC/USD TECHNICAL ANALYSIS 5/7/2018

• Assuming the previous counts are correct, then BTC completed an ABC correction with a truncated C wave
• This would indicate then that the PRIMARY WAVE 1 and PRIMARY WAVE 2 have completed and that we are now working on the PRIMARY Wave 3
• PRIMARY Wave 3 has already started an impulse move and sub wave 1 moved from $8800 to $1000 where it was rejected.
• Sub wave 2 has already hit .618 fib level and we are waiting to see if/when sub wave 3 will impulse up 
  • Looking for a bounce off of this level
• Target for wave 3 is $10,400
  • Followed by a correction to $10,000 before making a move towards $11300 
    • This would also satisfy the next target for the PRIMARY WAVE 3
• Potential pathway shown
• A lot of resistance at $9800 and $10,000 levels 
  • This will have to broken and will only happen with a significant increase in volume
• The 55EMA at $9300 is acting as support
• If that does not hold then $9000 will be the next support zone
• RSI is still bullish, neither oversold nor overbought at this point
• Looking at this on a 4 hour chart with target expectations to hit over the course of days to a week
• Continued consolidation can also be expected before the next bull move up

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