Bitcoin - Last valid bullish EW count was invalidated, what now?
- I studied this market structure for several hours, and my conclusion is that there is no valid Elliott Wave bullish count. Simply, a valid Elliott Wave count does not exist. Is this a problem?
- From the Elliott Wave perspective, there are 2 possible options:
- 1) If we want to stay bullish, we have to accept the fact that a third impulsive wave can sometimes be a diagonal, not only an impulse. which I think could be true.
- 2) This was a huge WXYXZ corrective structure and we must go below 17622 USDT to confirm this count, make a new low, kindly by a wick, and then we can start a brand new uptrend or continue lower to 13-15k.
- Which one of these options do you see? Let me know in the comment section what you think about it!
- This technical analysis shows an impulsive wave with a non-standard diagonal third wave.
- We still have a total of 9 waves, which indicates a bullish movement as per the simple rule that 5, 9, 13, 17,... waves are generally impulsive structures.
- Market structures are not perfect. Sometimes you can see a weird triangle or a weird wedge, as well as a weird impulsive wave.
- I don't trade Bitcoin, because my strategy and system is a strict pattern that occurs only sometimes in the market. That's why I watch 1000+ altcoins and pick only the most promising ones as per my strategy. But I do have Bitcoin for the longterm hodl.
- For more ideas, please hit "Like" and "Follow"!
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.