Elliotwaveprojection
$BCC $BCH forming a PERFECT double and triple zigzag..Seems to be forming Elliott's original labelling of double and triple zigzags and double and triple threes.
Labeling the successive actionary components of double and triple corrections as waves W, Y, and Z, so that the entire pattern is counted "W-X-Y (-X-Z)." The letter "W" now denotes the first corrective pattern in a double or triple correction, Y the second, and Z the third of a triple. Each subwave thereof (A, B or C, as well as D or E of a triangle) is now properly seen as two degrees smaller than the entire correction. Each wave X is a reactionary wave and thus always a corrective wave, typically another zigzag .
Let's see if it continues to play out as I suspect it will.
ETP Revisited - next target 69KSat, 4.7$Zoom back into daily mode, I tried to find the Elliot trends and decided to move the end of wave 3 to the new high. It seems to make more sense to me more than ending wave 5 and making a new Elliot waves.
In ETPBTC pair, the support is strong around 35KSat which hasn't been touched but kept at higher support at 39KSat. This should be a good buy zone if it will ever reach there again.
In ETPUSD pair, the support is strong around 2.62$ That should create a buy zone from 2.2$ for USD pair.
To predicting the next target using the previous high since November 2017, ETP should reach as high as 57KSat+ to 69KSat which should complete the whole Elliot wave cycle. For USD pair, the gap is somewhat narrower at 4.4$ to 4.7$
ETP may reach target sooner if BTC go sideways at 7K range, which seems to be the summer time for other altcoins as well.
Trader is advised to check ETPUSDLONG which is insanely high, if the long is still maintained at this so high ratio to ETPUSDSHORT, the target is so certain. But we all know the risk is high too. The positive thought is that only a few whales have been behind this high since 0.5$ so that the chain liquidation is unlikely in case of market crash.
Many people feel uncomfortable using TA in crypto, IMO.. it helps trader to decide where to place an order for maximum benefit. TA is not the holy grail. But we all need to have something to hold even crypto is gambling. Making a blind order and hoping for price to rise is not wise. And afterall, a bit of juice to keep our brain running is better than nothing.
This is not an investment advice but pure pleasure to me to be part of this journey.
AMD - STRONG BUYAMD is beginning a turnaround.
AMD bottomed at $1.65 and began a Cycle 5 Wave sequence.
Wave 1 was normal and had a terminal point at $3.06
Wave 3 was extended with a terminal point at $8.00 (Over 400% of Wave 1)
Wave 5 was also extended with a terminal point at $15.55 (Approx 161.8% of Wave 3)
Wave 5 corrected with FLAT Correction.
Wave 5 now becomes Wave 1
The Higher Degree 3rd Wave has a projection of approx. $31.50 but since the lower degree Wave 3 extended over 400% of Wave 1 of the lower degree I suspect we will see the Higher Degree 3rd Wave to extend as well.
AMD is a STRONG BUY
Near-Term (3-6 Months) Target = $31.50
-AB
Binance, BNBBTC - Most likely Target for Wave 5Binance, BNBBTC fundamentally solid coin with great long-term potential. Also one of the better performing coins, especially during current uncertainty or BTC corrections and bear market.
I've talked about the inverse relationship of BNB vs BTC before so you can read about that under related posts as well.
But let's take a look at how it's performing right now and see what we have in store.
Since half May BNBBTC is on a nice run-up and started a new impulse wave up which you can see above. I think we're currently in wave 5 within a channel.
If I would target the wave 5 at the moment then it would be around the 25.000 - 25.500 satoshis area cause its confluent with the 1.618 and .786 fib. extension levels of respectively wave 1-2 and wave 3-4 are and also touch of the upper trendline (purple).
So for the short term, I think we can expect BNBBTC to hit the above target.
Leave a comment if you have any questions.
Like the post, if you liked it and share it if you loved it. This is for good karma.
And until next time, good luck with your trading!
Investigation of Current Status of Bitcoin - worth of ReadigIn this post - I'm going to examine Bitcoin across the board covering the following:
1.Basic Technical Analysis ( Trend Lines , Candlestick formations, Moving Averages)
2. Elliot Waves Analysis
3.Marcet cap analysis, Volume Analysis, Fundamental Analysis .
4.Number of short positions (BITFINEX)
5.Number of long positions (BITFINEX)
1.From a Daily chart , we can see that BTC bounced well from the year 2017 trendline and broken aggressively countertrend line. Additionally, 50 MA and 20EMA generated the cross signal which us bullish as well. On the other hand, we can see so-called "Death Cross" - crossed 200 and 50 MA, as well as that price bounced back down from 200 MA with the bearish engulfing candlestick formation.
From the weekly chart, we can see a nice bounce from 50 MA and 20 EMA and 200 MA heading upwards.
That's: 4 points for Bulls and 3 points for Bears.
2. From Elliot wave Analysis it seems BTC forming Symmetrical Elliot Triangle Wave (ABCDE) in a Bull market as part of the 4th correctional wave. We saw 5 waves down and only 3 waves up so far, however, there is still a high possibility of the aggressive bullish move because as you can see Bears struggle to overtake a control. However, if Bulls will not be able to make a break above 10 000 lvl we can assume that Bear market continues and that this was ABC correction after 5 ways down.
3. From CoinmarketCap we can see that BTC capitalisation increased from 112,467,000,000 to 157,350,000,000 (today's data). Thursday 26 of April was the highest daily volume of BTC Futures since the introduction to NYSE. That means that Bitcoin whales coming back to the market and institutional investors start to invest heavily after paying taxes on their accumulated profit over the last year. From recent news Rockefeller, RockFund and George Soros started to invest heavily in cryptocurrencies thus its time to watch if this volume continues.
Additionally, during G20 meeting - policymakers didn't see any danger to the economy from cyptocurrencies and decided just to continue to observe the behaviour of a new financial instrument ( BTC Futures ).
coinmarketcap.com
cointelegraph.com
That's: 4 Points for Bulls and 0 points for Bears
4. BITFINEX provide data of number of Short position of their traders. From chart we can see that number of short positions start to deacrease and that's a good sign for Bull, as well RSI is not oversold yet and means that more downside in number of shorts - still possible
That's: 1 Point for Bulls and 0 points for Bears
5. BITFINEX provide data of number of Short position of their traders. From Chart we can see that number of long positions are decreasing as well, however it's extremely oversold right now on RSI and if we go back to few month ago we can see what happened when number of long positions went so low before. We can expect growth in number of long positions in a next few weeks.
That's: 2 Points for Bulls and 1 point for Bears
To conclude my Analysis lets count points of Bulls and Bears:
In overall: 11 points for Bulls and 5 Points for Bears.
The Overall sentiment of the market is positive right now but price action is too slow. If we see a bit more aggresive move towards 10 000 - I think we will gove to 12,500lvl easily by the end of May.
Please like and subscribe if you want more analysis from me, because your feedback encouraging me for more action...
Good Luck,
VW.
Disclaimer: I am not a financial advisor, Im just giving you my thoughts and analysis.
Bitcoin completed 4th Elliot Wave ABCDE CorrectionBitcoin (BTC) trapped bulls but the death cross already occurred above $11k resulting in a $5k drop in price, however since the price currently is at $7k, we are still in able to have one last V Bottom to complete the bullish case
ETH, pumping soonI've seen our (maybe) first elliot impulse before long time of retracement,
I think we just took the touch support levels, so it's time to go up again
good luck
Bitcoin minor corrective wave targeting near $7840 - $8150 rangeHi to all my new friends, let's get to it! I know many people on here like to pretend like they are wizards and know everything, but I will just keep it real for you. We go based on the data given to us, and adjust as new data comes in.
BITCOIN just went sideways for several hours, not sure what it wanted to do. Based on the current count, I believe we have just finished corrective wave A and B and are now heading to target C in the $7840 - $8150 range. After which, we will resume an impulse wave up, potentially targeting $9600. That is too far away, so we'll keep an eye on that to see how it pans out.
A break above $8717 before hitting target C invalidates this count and signals a bull rally.
Short entered $8450 avg fill.
Stop loss - $8600
Take profit 1 - $8210 - high probability - Risk/Rewarrd ratio: 1.63
Take profit 2 - $7950 - medium probability - Risk/Rewarrd ratio: 3.39
If you find my TA useful, please remember to FOLLOW and click LIKE!!!
I will update as soon as I get new confirmations.
Bitcoin corrective wave heading to $8900 / $9300 rangeGood afternoon all my Crypto Trading buddies. Bitcoin just bounced off the bottom of $7250 to confirm the end of the ABC bigger correction. Now it appears to be in a small uptrend. If the count is correct, we could be targeting the $8900 to $9300 range. This would be a 0.618 to 0.786 retracement of the previous 5 wave elliot structure.
Entered Long at $8215
Take profits 1 - $8800
Take profits 2- $9200
The count may change as data flows in. I will update the chart after a new count can be made.
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LiteCoin on its way to $143 / $134, expect a bounce to $159 soonAs you can see, LiteCoin is heading down to finish the 5 wave elliot structure, but first, expect a bounce to the $158/159 region for wave 4 before making its final descent down its path of wave 5 to the $134 - $143 region.
Take profits 1 - $144
Take profits 2 - $135
Stop loss $161 if already in a short.
Otherwise, wait to enter a new short at the $158 - 160 region, then stop loss at $164
We've cleared around 10% profits so far in the past 2 days, let's see if we can get to 20% :-D
Litecoin will continue to track Bitcoin, see my other analysis of Bitcoin below.
Bitcoin Heading to $7200 ($6950 - $7450 range)Bitcoin hit the previous target of $7700, it looked like wave 5 but it now appears it was actually wave 3. With the new count, Bitcoin is likely heading to the $7200 range with a $250+/- variance. It's a good play for going short.
Take profit 1 - $7300
Take profit 2 - $7000
Stop loss - $8500
I will update this when I receive 15 LIKES. Please click FOLLOW if you find my TA valuable. Good luck!
Bitcoin to test $8500 / $7850 at upcoming waves 3 and 5Bitcoin looks like it's going short right now. Currently inside of an inverse flag aka Bear Flag. Likely to test the $8500 level at the upcoming wave 3, and followed by $7850 for wave 5. This is based on the waves following Fibonacci ratios of 1.0 and 1.618.
Be careful entering any long positions at the moment.
Take profit 1 - $8600
Take profit 2 - $7950
This is my first technical analysis. If it is helpful at all, or you have any feedback, please comment and LIKE.
Clearly, this is not financial advice or a signal to buy or sell.
Elliot waveSelf explanatory... will add more later... sorry for lack of time to share my idea. More of an add on from my previous chart, should be linked.
Elliot Waves BTCMy price projection for BTC/USD for the next few weeks.
I used Elliot wave impulse and correction.
USDCAD Wave Count H4 ChartMajor Wave will Remain same . Short as before .
As it is broken downwards ,,its Diagonal/ Triangle on Friday . so Triangle is No more valid .
Now we will count i , ii , iii , iv , v = 5th part of wave 3 Red ( The extension )
Check the chart , picture is much clear .
Regards
Elliot Wave by mazchaudhry
