Mainstream media expected a bull run for BITCOIN with highly anticipated BAKKT futures exchange set up by ICE (intercontinental exchange), at the same time our CW wave count was suggesting “Buy the rumor Sell the news” will unfold. The pattern implied no matter the performance from the Bakkt’s opening day, the path to least resistance is down, way down.
As you can see from our expected path drawn on Bitcoin on August 12th with price hovering around $11,400, Bitcoin was tracing out the last Y wave of the Double Zigzag pattern. Simply looking at the pattern suggest, no matter the news coming out of the hotly anticipated opening of Bakkt’s Futures Exchange, the pattern and the direction of the trend will not be altered until a clear ABC waves are traced out to complete wave Y (WXY) of the Double Zigzag formation. This reiterates, the headline news or events do not drive prices but the collective psychology of where the waves are situated provides the real clue where Bitcoin price is headed.