SUMMARY
In the short term, Bitcoin (BTC) could be putting in the needle & thread sowing of bull wicks above and below the long term trend line. The below chart shows an updated Elliott Waves for the white C wave with the final C's five subawaves reaching to $6,400 or so. Could this be another bull wick?
Here is the alternate scenario with the second wedge pattern approaching completion (blue abcde). The final blue e wave is in progress and IF it follows the contracting line direction; it could complete at $5,120. This scenario jives with the blue W bottom pathway.
While price is still within the white W bottoming primary pathway; the alternate shows that the $5,120 is well within the blue W price pathway. IF price submits below to a new lower low, then the Alternate count becomes primary. The MACD would still maintain it's form and likely continue putting in higher highs.
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In the first place, it don't matter actually , if you're a long term investor it's always a good news to you, and if you're a short term investor it's a bad news for you.
Were getting a small bounce right now hopefully we can break 7500 soon :))
Haejin ftw!
Why aren't we assuming that this correction isn't a big ABCDE, and that the 5900 dip in feb was C and the subsequent impulse was D, and now we are working on E which should be lower than C.....wouldn't that make more sense? Shouldn't a lower low be primary? I could especially see a lower low given the big hands trying to manipulate price and buy in low. I trust that @haejin knows wayyy more about this than i do. Just curious if anyone sees what I'm seeing...and why i'm wrong.
Because nobody has a crystal ball and knows exactly what the low will be. It could be a double bottom. That's a reversal formation. These are guesses and best approximations. If you know the absolute bottom predict it now. We'll hold you to it.
Looking at the chart again it would have to go to zero with that steep of a trend line.
You're not wrong, it's just telling people what they want to hear (MOON SOON) gets you more upvotes and therefore $$$
I see exactly what you’re saying (for a month), in a way I’ve just been wishful that it wasn’t since adcde fit well in the first wedge as well, but it never really hit the top channel for the D. In the end it seems like it’s always ABCDE, still learning though. Wishing you blessings
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I don't believe that BTC will make it to $5120.
Thanks for the interpretation and the post, as usual. I'm definitely hoping for a bull run shortly and have my fingers crossed that it will last a little while and give us a new and juicy correction. If we get a bull run soon my mood will definitely be brightened up a little bit, but I'm also grateful that I'm able to take advantage of this time in the market to be able to fill up my bags as much as I can. The timing of these dips seems to be kind of similar to the numbers that we have seen with Bitcoin over the past few years and each month. Thanks again for the info! -Respect
This is still the BEST bitcoin analisys (check it out): http://cryptosrocket.com/btc/2018/03/29/lets-see-the-big-picture-and-whats-next
Good observation. I somehow feel its time for new low say 5200$ types before it pulls off to this year high. I'm hoping for a 10k + in say another 3 weeks.
always appreciate the ew work - thx for the posts
buen trabajo te felicito siempre con una eperanza
May I request an update on Verge?
Thank you! My entry point for XVG is closing in it seems. How can the ABC zig zag correction be ending soon when c isn't retracing anywhere near the previous wave 4? Maybe a double or triple going to happen? Xvg/btc
Everyone wants a bull run and will cling onto any sentiment that it could change. The chart will tell you when that happens lots of effort trying to predict the change.
Coins mentioned in post:
folks TAKE a LOOK at Yankee-staman on the market...opinions..you woin't be disappointed.