Bitcoin - Update Bitcoin Chart May 17, 2018

Bitcoin is the best one to buy 80xx $, 81xx $ gradually. Down 78xx $ 79xx $ buy more. wave 5 or very short. should play cards firmly. Song 5 B to buy dream dream cheap.

• So most people are starting to become bearish now - I'm not though! O.k, short term we will probably go a bit down - but we will soon go into a new steep uptrend and go into a BULL MARKET - I showed you that in my comparison chart between B'T'C and S.P.Y. 2 days ago, which has been pretty accurate. It really seems like we are following S.P.Y. with delay.

It is very hard to determine how low we will go before we will have the conclusive reversal. Many people says 7,200 USD, which is not unlikely at all. But I think we will be surprised.

Let's take a look at the 4h BTCUSD -0.54% chart. As you can see, we have 1-5 Elliott Waves up (with truncated waves due to 10,000 USD-resistance) and now have a combination ABC-corrective pattern (which we also can label WXY).

I will here give you a big overview.

HOW LOW WILL WE GO?

Red And Grey Zones: Let me start to say, why I think it's unlikely we will go below 6,900 USD. S.P.Y is my main reason - it tells us, if we apply those price movements to BTC , that we won't go as low. Also strong support levels before.

Orange Zone: Around 6,9k to 7,6k is definitely likely. The big bear flag could take us down in this area, we have super strong support around 7,2-7k USD, where we have the up trend line and also 78,6 % retrace.

Green Zone: +7,700 USD where we have 61,8 retrace. Minor waves matches this area pretty good. On top of that there could also be some strategic reasons for whales to pump it around 7,7k-7,8k IF a lot of people start to entering short positions.

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