Bitcoin Diamond (BCD): Currently in Basin Phase

SUMMARY

Sentiment for Bitcoin Diamond (BCD) had been souring since it soared 40x in a vertical move during December. Since then, the correction has been very deep to 0.94 Fibonacci retrace. Is this coind hopeless to ever rise again?

From a pure Technica Analysis perspective, irrespective of any sour sentiment and opinions, BCD is in terminal stages of a basin phase consolidation of a likely rounded price pattern. The wxyxz complex sequence of waves could also be near complete given how the z wave formed a symmetrical triangle (blue lines). What will be needed is for price to start impulsing upwards in fives. The blue Elliott Waves show a potential price pathway. When stentiment turns once again to bullish; many shunned coins will rise with the market and this rise will likely be, once again, vertical.

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.

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Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
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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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