WARNING - This chart is the opposite of the calls being made by the majority of Top Analysts on Steemit and TradingView.
I am posting a BTC chart this time as all of the Alt Coins follow BTC for now.
Virtually every Analyst out there is saying the bottom is in. @haegin is calling an inverse Head and Shoulders, which if it completes will see prices rise to $14,142.00 minimum short term. I respect the other Analysts out there and Haejin is a great EW technician and teacher, but in this instance I am going to disagree with them as I do not believe the bottom is in yet.
Wave C of an ABC correction always consists of 5 Impulse waves (1 of the rules of EW). No matter what time frame I use, I am unable to get 5 impulse waves into the last downward wave. For that reason I have reworked my chart and this is what I now believe is happening. Wave 4 (corrective wave) is forming an ABCDE correction inside of an ascending triangle which is very Bearish. This fits another EW rule whereby, of the corrective waves (2 and 4) One will be a sharp correction the other will be a drawn out correction. These always alternate.
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This chart is for my personal trading and entertainment purposes only. Please do your own Due Diligence before investing in any token and never invest more than you can afford to lose.
Please Up Vote, Re Steem and follow if you find this information helpful or entertaining.
I Upvoted and gave some steem on your comment on haejin post but have no idea what happened. Lot of flagging there. just wanted to thank you for all your hard work here and on the cryptocompare forums.
really appreciated. I am not a trader, but appreciate the opportunity to trade with 30% of my portfolio to hopefully buy in and get more. You and others have really helped me understand the cycle better and keeping 70% in no matter what stops me from freaking out.
Thank you for the upvote and steem. Happy to try and help any time. Your strategy is the exact one that I use. 70% in coins that I hodl long term and 30% that I use for trading. I do not day trade, instead I try and switch between coins once I know that they are definitely on the 3rd impulsive wave. It is called Arbitrage trading and with a bit of TA knowledge gives good returns with out all of the normal stress involved with trading.
That sounds interesting. Curious what percentage have you been right in identifying coins that are on 3rd impulse wave. one wouldhave great returns doing this💫. Any tips or resources you suggest checking out
Purely off the charts. I dont try to catch the bottom of a correction. I wait until the bottom is in and the first and second impulse waves are in as confirmation that a new 5 wave impulse is in progress. Wave 2 corrections are a couple of days at the most so I will ladder in when I think the terminal end of wave two is approaching. As soon as wave 3 of 3 is complete I am happy to sell out and move onto the next coin. If no coins are at the right stage I will sell 1/3 of my coins just below where I believe the top of wave 3 should be. If it keeps going up I will let he balance ride. Once it turns to wave 4 I will sell the balance. I am happy to sit on cash untill the next opportunity comes along. I have never yet had to wait to long
Wow that is so interesting.
Nice info related to crypto and bitcoins. Do Follow!