Bitcoin – this scenario scares me!
Hello, everyone!
I told you many times that we are in the last wave 5 of the bearish cycle, but today I read again the Trading chaos methodology and need to adjust my scenario. The bottom which I predicted will be the local, not global.
We have to use 100-140 bars for the Elliott cycle counting. When I anticipated bottom at 16k this factor was ok – I counted 100 bars, but I did not take into account the volume and Awesome oscillator. Obviosly, fot this Elliott wave cycle we should use the 3D timeframe and we can clearly see that the volume is rising. Volume in wave 5 cannot be higher than in wave 3, thus it is the wave 5 inside wave 3 in my new interpretation. We have not even seen the Awesome oscillator zero-line crossover. It means that we have not still seen the global wave 4.
As a result I am waiting for the wave 5 finish inside wave 3, execute insane long trade if the market give me this opportunity. I plan to take the bounce in global wave 4. The maximum level for this bounce is 33k, but we will not see this price level I suppose till the end of the bear market. Only after that the last wave 5 is going to happen. We can see 10k per Bitcoin as the bottom, but firstly traders will believe that the bull market did start.
Best regards, Ivan
I told you many times that we are in the last wave 5 of the bearish cycle, but today I read again the Trading chaos methodology and need to adjust my scenario. The bottom which I predicted will be the local, not global.
We have to use 100-140 bars for the Elliott cycle counting. When I anticipated bottom at 16k this factor was ok – I counted 100 bars, but I did not take into account the volume and Awesome oscillator. Obviosly, fot this Elliott wave cycle we should use the 3D timeframe and we can clearly see that the volume is rising. Volume in wave 5 cannot be higher than in wave 3, thus it is the wave 5 inside wave 3 in my new interpretation. We have not even seen the Awesome oscillator zero-line crossover. It means that we have not still seen the global wave 4.
As a result I am waiting for the wave 5 finish inside wave 3, execute insane long trade if the market give me this opportunity. I plan to take the bounce in global wave 4. The maximum level for this bounce is 33k, but we will not see this price level I suppose till the end of the bear market. Only after that the last wave 5 is going to happen. We can see 10k per Bitcoin as the bottom, but firstly traders will believe that the bull market did start.
Best regards, Ivan
Get access to private PineScript strategies and turn script alerts into orders at your exchange account with easy-to-set up bots
Get free alert bot:
skyrexio.com
Get free alert bot:
skyrexio.com
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.