My current wave count, to be confirmed, there is some discussion if it could be an extended flat or we are still waiting for an E wave to go up again...time will tell!
My wave-count currently leads me to the conclusion that we are in the last wave 5 down towards 7500-7200, but if panic sets in, we could easily extend to even 6800 before any significant bounce. But there comes the catch, this "bounce" will just be wave 4 from the higher level count, meaning we go up, maybe to 8500 - 8800, maybe even 9200 (I don't think so), but...
As I see it at the moment, we are in the middle of the (hopefully) last leg(s) of the correction. The orange support and resistance lines are from a 1D level (dashed = log scale), while the yellow ones are from a 4H level. Interestingly my two main ones cross exactly around 7500 which also coincides with quite a few fib extensions. I see therefore a good chance...
Yes, as we know, Elliot Wave Theory is not an exact science, therefore we always have to consider a multitude of possibilities and possible counts... The one shown in this chart would be the really bearish version of my "The Bigger Picture" chart (linked below). Basically it would bring as to around 5k where we would possibly find at least some support, I still...
It is currently very hard to decide for one count, both seem valid and there are many more that could be possible that I might not even think about. I'm currently leaning bearish , but long-term bullish ...the question is when will the turning point be reached? What do you think about the two counts (one in blue, one in white)?
Dear fellow traders, just wanted to get out some food for thought, after lots of thinking, recounting waves, considering a lot of input from all over the internet, I came to the count shown on the chart as my current primary count, there is of course always an alternative scenario, but the longer we are continuing in this correction mode, the more I doubt that we...
Finished ABC retracement of the higher degree ABC correction, now getting ready for the B-C leg down to around 7000. Had to recount the waves when we broke up, should have been obvious as the lower degree ABC wasn't done yet...
With the latest dip we came down to around 7600 and nicely bounced in the long term golden pocket fib-zone which is a confluence zone of other resistance levels like the lower bound of the trend-channel from 2017 (see my longer term analysis "The bigger picture"), the downward trendline from 20k, the 61.8% fib-extension from our failed impulse wave into the ABC...
But sooner or later we must retest that support from the February 6k dip which is now around 6600 if you consider it a diagonal. It looks like we just finished an ABCDE corrective pattern forming a symmetric triangle. I give it a higher probability of breaking down than up as we are in a downtrend and longer timeframe indicators look pretty bearish . The move...
We are currently seeing market sentiment (at least on TV and Twitter) change by the hour from #moon to #rekt everytime the prices moves in either direction. In times of uncertainty (which is most of the time) it often helps to look at the bigger picture and trying to make sense of what is going on. The BTC chart above is my current primary EW count as I see it...
Seeing this whole recent move of BTC as a failed 5th wave up and currently in an ABC correction down, the failed 5th wave makes it an X wave in a WXYXZ correction of the primary count, therefore we are now in the Z leg down where we hopefully finish the correction and finally bounce to the upside. The question remains where this bounce will be, for now I have...