BitcoinShort
C Wave correction to 8245
Updated
Drag the chart right if its not showing correctly!
OK, so I know you are fed up with people drawing random lines, H&S and wave counts. It's difficult to see the wood from the trees with all these chartists right? I'm a believer that you shouldn't just follow what other people say, but rather should do your own analysis. Sure, other peoples analysis helps you form ideas and confirm your own, but ultimately, it's you that is putting your money on the line and hence its you that must make the decision. With that said, here's some more lines that I've drawn ;)
First of all, if you are unfamiliar with Elliott Wave theory, take a brief look at this very simple and straightforward 5 wave pattern (motive and corrective): elliottwave-forecast.com/elliott-wave-theory/
You don't need to read to much in to it, just look at the structure of the 5 wave pattern. The basic principle is that wave 1, 3 and 5 are motive waves, each of which are divided in to smaller degree impulses (labelled ((i)), ((ii)), ((iii)), ((iv)) and ((v)). The 5 waves make up a larger degree motion wave. This motion wave is then followed by a corrective wave (ABC), where A and C are the impulse waves.
So, you get the basics. Now lets look at the BTC chart above. You'll notice that from the up move on 6th Feb, we went through a larger degree motion wave north, comprised of a 5 wave pattern. Looking closer, you can see that 1,3 and 5 are further divided to 5 smaller degree impulses, with waves 2 and 4, divided by smaller ABC corrections. So we can say that this has the definite structure of a larger degree motion wave.
And what happens after this motion wave? Yep, we get a corrective wave (ABC). On the graph above, on the 20th Feb, we started the A corrective wave, which concluded around 25th Feb. You can see that this wave is clearly sub divided again by 5 smaller degree impulses.
Wave B, starting 26th Feb (and maybe concluding 28th Feb, contains a smaller ABC correction.
So, everything here so far stacks up to a text book 5 wave pattern, only missing the Wave C.
By conclusion, I think we are due a C wave correction (and indeed are already in it), which may extend down to around 8245 ish (the 61.8 retracement of the up move).
I know i'm standing out alone here amongst a sea of Lambourgini hoping hodlers, but this is my opinion on what must come next. After that completes, I believe we will have another 5 wave that takes us up higher.
As I said at the start, just my ideas. Use these to make your own analysis. Tech analysis is subjective and never always correct! That's why we share ideas.
Happy trading!
OK, so I know you are fed up with people drawing random lines, H&S and wave counts. It's difficult to see the wood from the trees with all these chartists right? I'm a believer that you shouldn't just follow what other people say, but rather should do your own analysis. Sure, other peoples analysis helps you form ideas and confirm your own, but ultimately, it's you that is putting your money on the line and hence its you that must make the decision. With that said, here's some more lines that I've drawn ;)
First of all, if you are unfamiliar with Elliott Wave theory, take a brief look at this very simple and straightforward 5 wave pattern (motive and corrective): elliottwave-forecast.com/elliott-wave-theory/
You don't need to read to much in to it, just look at the structure of the 5 wave pattern. The basic principle is that wave 1, 3 and 5 are motive waves, each of which are divided in to smaller degree impulses (labelled ((i)), ((ii)), ((iii)), ((iv)) and ((v)). The 5 waves make up a larger degree motion wave. This motion wave is then followed by a corrective wave (ABC), where A and C are the impulse waves.
So, you get the basics. Now lets look at the BTC chart above. You'll notice that from the up move on 6th Feb, we went through a larger degree motion wave north, comprised of a 5 wave pattern. Looking closer, you can see that 1,3 and 5 are further divided to 5 smaller degree impulses, with waves 2 and 4, divided by smaller ABC corrections. So we can say that this has the definite structure of a larger degree motion wave.
And what happens after this motion wave? Yep, we get a corrective wave (ABC). On the graph above, on the 20th Feb, we started the A corrective wave, which concluded around 25th Feb. You can see that this wave is clearly sub divided again by 5 smaller degree impulses.
Wave B, starting 26th Feb (and maybe concluding 28th Feb, contains a smaller ABC correction.
So, everything here so far stacks up to a text book 5 wave pattern, only missing the Wave C.
By conclusion, I think we are due a C wave correction (and indeed are already in it), which may extend down to around 8245 ish (the 61.8 retracement of the up move).
I know i'm standing out alone here amongst a sea of Lambourgini hoping hodlers, but this is my opinion on what must come next. After that completes, I believe we will have another 5 wave that takes us up higher.
As I said at the start, just my ideas. Use these to make your own analysis. Tech analysis is subjective and never always correct! That's why we share ideas.
Happy trading!
Note
Drag the chart right - I messed up the view
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