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Elliottwaveideas

Bitcoin Short Update. Where can we call the TOP?Hello traders, welcome to today’s analysis. I hope you are all doing great From our wave count, we know bitcoin is in wave 5 which is the final leg of the bull run, but predicting the top remains uncertain at the moment. Currently, we just finished a triangle formation which I adjusted the label as smaller degree wave x2 or a sub wave 4. Since we agreed that the price is in the 5th and final wave, we need to take a closer look at the sub-waves to get more insight on predicting the top. The sub wave shows an extended 3rd wave, and the triangle formation hints at a further push to the upside and indicates that the top is close. If we are right with our wave count, the last leg of the rally should push the price towards 19k or maybe close to 20k, a decline below the triangle (lower 17k region) would invalidate this possibility. Conclusion: while the exact top of bitcoin cannot be accurately determined yet, the triangle formation hints we are not there yet but we’re very close. Bearing this in mind, be very careful with your long positions and use low leverage and smaller portion of your portfolio to manage your risk, I’m saying this because the top can give a very strong rejection in form of a dip because of the overstretched nature of the market and market makers trying to liquidate leveraged longs, it’s been a while we had a big correction which is inevitable by the way. Trade Setup: we’ll be taking a long position from higher 17k and riding the wave up to lower 19k(our ideal target) or maybe close to 20k region adjusting our stop as the market gains momentum to protect our gains. Ride the wave, see you at the TOP. Hitting the like button and follow button helps me reach out to more audience, and it encourages me to create more value for the community. Don’t forget to share questions, ideas and chart with the community in the comment section below, let’s master the market together. Donations via TradingView coins also helps me at posting more free trading content and signals here. Thanks for your continued support as always. PLEASE TRADE WITH CAUTION AND TRADE RESPONSIBLY I’ll see you all shortly Thank you Namaste! Traders Nueel_classic
BITSTAMP:BTCUSDLong
by Nueel_classic
4
Bitcoin Latest Analysis. Hello traders, welcome to today’s analysis on bitcoin, I hope you had a nice week. Today’s analysis will be brief as usual - From our last update, the market respected our forecast and we completed wave y which ended up about 100% of wave x, you can have a look at the previous analysis here. From the current chart, we can see the market is moving fast and got another retracement of about 50% of wave y which I labelled wave x2. I drew the trend line to lay emphasis on our reference point. Usually I like to start my wave counts with letters, but what matters more than the letter is placing trades in the direction of the larger trend, and I try to make the analysis as logical as possible and avoid an opinion based on incomplete evidence( or too much speculations). Now that the market has respected the levels we wanted to see, what should we expect? We expect the market to make a push to the upside, and we can measure the potential target for this move by taking Fibonacci extension from the starting point of wave y to the ending point of wave y, and projecting from the ending point of wave x2. To be more accurate about our target price, we make use of fib confluence levels. If you happen to have issues applying the fib tool you can reach out to me via dm, and besides, we’ll cover all that extensively during the free tradnalysis class later this month or early next month. Be sure I’ll let you know when the time is right. To get more confirmations about this move, we also apply some indicators which tells us we are ready to move. Remember, wave count can be wrong, but what makes it formidable is when you combine it with some indicators and price action. That way you’re forming an extremely impressive formation that’ll eventually lead to profitability. Setup: Our weekly setup will be taking a long position from higher 15k or 16k region, and we expect a move to around lower 17k to complete a wave 5 before we can expect some deeper corrections. Let’s ride the wave together and stay profitable friends. Hitting the like button and follow button helps me reach out to more audience, and it encourages me to create more value for the community. Don’t forget to share your ideas and chart with the community in the comment section below, let’s master the market together. Donations via TradingView coins also helps me at posting more free trading content and signals here. Thanks for your continued support as this is second to staying profitable. I’ll see you all shortly Thank you Namaste! Traders Nueel_classic
BITSTAMP:BTCUSDLong
by Nueel_classic
5