Elliot Wave analysis on bitcoin
Updated
most wave traders are focused on labelling every wave structure impulsive which might not be so in the real sense.
this approach makes elliot wave analysis looks like some hogwash.
the truth is wave analysis is subjective to the analyst and may including some personal bias rather than embracing logic. we analyze wave differently and
in my experience as a wave trader, I found out that the market corrects almost 70% of the time, and most times corrective phase takes longer time than impulsive phase imagine the 2017 btc bull run to Jupiter, lol. is still correcting till date. maybe the mistakes most wave traders do is trying to call impulse correction, or vice verse. while your reaction to the market is more important than your predictions, here I found a rather different approach to Elliot Wave analysis and combining this with some indicators and financial analysis has made me profitable so far, and today I'll be sharing my analysis on btc/usd pair, enjoy the wave.
I'll appreciate everyone going through this analysis to please drop a like and comment below and don't forget to hit the follow button as this will encourage me to drop more free analysis on other currency pairs.
thank you
namaste traders.
this approach makes elliot wave analysis looks like some hogwash.
the truth is wave analysis is subjective to the analyst and may including some personal bias rather than embracing logic. we analyze wave differently and
in my experience as a wave trader, I found out that the market corrects almost 70% of the time, and most times corrective phase takes longer time than impulsive phase imagine the 2017 btc bull run to Jupiter, lol. is still correcting till date. maybe the mistakes most wave traders do is trying to call impulse correction, or vice verse. while your reaction to the market is more important than your predictions, here I found a rather different approach to Elliot Wave analysis and combining this with some indicators and financial analysis has made me profitable so far, and today I'll be sharing my analysis on btc/usd pair, enjoy the wave.
I'll appreciate everyone going through this analysis to please drop a like and comment below and don't forget to hit the follow button as this will encourage me to drop more free analysis on other currency pairs.
thank you
namaste traders.
Note
taking fib extension from the starting point of wave 1 of x to the ending point of wave 2 of x, price could drop to around 8600, 8500 in the mean timeNote
don't forget to drop your comments below on how you think the market will react or if you need some help with EW analysis.
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