Bitcoin Status - Market Analysis on Sep 15th, 2017

All- I've created some confusion in BTC because I've backed away from focusing on daily and rather focused on the hourly to navigate us. Let me clarify what we're looking at. And, first let me be humble and say I didn't expect this deep of a correction. The unexpected event is that we topped in three waves into the 1.382, and broke wave 4. Last night we crossed the previous and only plausible wave 1. Because I now think we have unfinished business above due to 3 wave top, I think we may be looking at a big ending diagonal. I've been calling for a top at $6600 based the projections from the daily. But I also have room in that daily $8800...that's cryptoland for you. Fib clusters are really spread wide. I think we may be heading there. But before I declare that to be my primary view, I want Mike to look at it and I want to have time over the weekend to study the daily. That said, I suggest managing trades on the hourly. Really IMO that is the way to trade this market successfully. That doesn't mean you trade the hourly bar, but you consider the projections from the hourly chart. I have far more confidence in them. We are starting to see a local bottom process, just in like Ether. Really the question in my mind is whether we have a corrective wave after this local bottom or not. 

The crazy thing here, is that if we don't top at $8800, the next fib I have of consequence is in the $24,000 region. . Again, the fibs are spread wide dollar wise. 

BTCUSD
BTCUSD
Ryan Wilday hosts the Cryptocurrency Trading service on ElliottWaveTrader.net.