BitcoinLong
BTCUSD - BITSTAMP - ELLIOTT WAVE
Updated
THIS IS NOT A TRADING ADVICE!!!
I tried to find correlation between BTCUSD and many other indices.
RED: USDCNY
PURPLE: EEMA Emerging Markets Asia index
GREEN: 1 / US10Y yield
The idea was tension on China may lead money flow to BTC, however USDCNY seems not to correlate. Asia is the leader for electronic payments and new technologies related to coins, EEMA seems to have a better correlation. On the other hand US10Y was something I was not expecting to correlate with BTC.
As seen from the above chart, EEMA and 1/US10Y do have a correlation with BTCUSD. I will follow to see whether they will be leading indicator for BTC performance or not.
ELLIOTT WAVE
I think from the beginning market movement was an ABC (5-3-5) zigzag.
B point finished around $3000. Following C leg shall be an impulsive wave or a diagonal. In our case, if we consider BTC investors it will be wise to think for an impulsive wave rather than a diagonal.
Target area for point C considering ABC as a zigzag has been marked as green on the above chart. It is a wide ranged area. But if we zoom in to daily and concentrate on C wave.
Wave C seems to be an impulsive wave with 5th wave extension. Primary target for this extension is around $17205 which is 161.8% of wave 1 to wave 3.
I tried to find correlation between BTCUSD and many other indices.
RED: USDCNY
PURPLE: EEMA Emerging Markets Asia index
GREEN: 1 / US10Y yield
The idea was tension on China may lead money flow to BTC, however USDCNY seems not to correlate. Asia is the leader for electronic payments and new technologies related to coins, EEMA seems to have a better correlation. On the other hand US10Y was something I was not expecting to correlate with BTC.
As seen from the above chart, EEMA and 1/US10Y do have a correlation with BTCUSD. I will follow to see whether they will be leading indicator for BTC performance or not.
ELLIOTT WAVE
I think from the beginning market movement was an ABC (5-3-5) zigzag.
B point finished around $3000. Following C leg shall be an impulsive wave or a diagonal. In our case, if we consider BTC investors it will be wise to think for an impulsive wave rather than a diagonal.
Target area for point C considering ABC as a zigzag has been marked as green on the above chart. It is a wide ranged area. But if we zoom in to daily and concentrate on C wave.
Wave C seems to be an impulsive wave with 5th wave extension. Primary target for this extension is around $17205 which is 161.8% of wave 1 to wave 3.
Note
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