BITCOIN GOLD ELLIOTT WAVE UPDATE

Technical analysis by Fernando Luna

Well it looks like BTGUSD might be pulling back to fib resistance.  The move down from the June high looks very much like a complete impulse.  You can even argue that it needs one more swing down to compete five a Minor degree.  But I think it is done. 

The chart above is a daily bar going back to Nov 2017 when this coin opened around 53 bucks.  It hit a high of 471 and then tumbled 98% by Jan of 2019.   The pair then moved up 300.27% to the 32.852 only to fall back down to the 10.68 where it stands now this Wednesday evening.  The move up to the 32 can be counted as an impulse but it is ugly.  I don’t like the middle.  Regardless, it counts a five and a three.  The move down counts a five to as it stands.  You could also call it a three but it would be stretching it.  I am going with a five.  It is way over sold and needs to retrace.  The 9.8 low it pit in last week could be a bottom.  Let’s see.

Support and resistance levels can be seen up on the big chart.  The chart below is a five-minute chart.  The channel is containing price so far. 

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