BnkToTheFuture (BFT): Bullish Wedge

SUMMARY

BanktotheFuture (BFT/USD) is a relatively new coin that started impulsing upwards from the onset as shown labeled in the below chart. Elliott Waves states that after a five wave move, there is a requisite reactionary retracement. The downward wedge as outlined by the blue lines is bullish because it's pointing downward.

When a pattern is pointing downward, it is depleting more and more sellers as the price declines further; until there are no more sellers or the buyers overcome the price move and reverses the trend. I believe the correction can best be labeled as a wxyxz (red) sequence and the last z wave is in progress. This means an incremental lower low can be expected. The MACD has been hitting up against a resistance trend line. Once Z wave complete, MACD should be able to rise past the resistance line.

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.

Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

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