Elliott Wave Count in Two Levels in Bitcoin to Dollars.
Hints:
1- Weekly time frame.
2- The start date of the wave count is from the 10th of December 2018.
3- The ascending trend line (blue line) is broken downwards by the candlestick that I have marked with a yellow arrow.
4- Is wave 5 complete?
According to the teachings of Bill Williams in Trading Chaos, I did the following to determine the purpose of the 5th wave:
I calculated the price difference between the beginning of wave 1 and the endpoint of wave 3 and then added 61.8 to 100% of this price gap to the end of wave 4 (61.8 and 100% Fibonacci levels). As you can see, Wave 5 is currently at the 62% level, and the Awesome Oscillator confirms this. However, the end of wave 5 can not be confirmed with certainty.
I do not think it is advisable to invest in a large amount at this stage in Bitcoin.
1- Weekly time frame.
2- The start date of the wave count is from the 10th of December 2018.
3- The ascending trend line (blue line) is broken downwards by the candlestick that I have marked with a yellow arrow.
4- Is wave 5 complete?
According to the teachings of Bill Williams in Trading Chaos, I did the following to determine the purpose of the 5th wave:
I calculated the price difference between the beginning of wave 1 and the endpoint of wave 3 and then added 61.8 to 100% of this price gap to the end of wave 4 (61.8 and 100% Fibonacci levels). As you can see, Wave 5 is currently at the 62% level, and the Awesome Oscillator confirms this. However, the end of wave 5 can not be confirmed with certainty.
I do not think it is advisable to invest in a large amount at this stage in Bitcoin.
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