SUMMARY
Bitcoin (BTC) overnight price action has tagged another series of All Time New Highs!! Below is the chart and labels from last night:
I've now updated the Elliott Waves and so we should soon see $8,400 or so for white wave 3.
The chart for Bitcoin Cash (BCH) shows an updated Elliott Wave count. Note the five impulse waves and how quick it was as indicated by the blue horizontal time band. Now the correction is still in progress with waves a,b completed and now wave c already initiated. The white horizontal time band shows the correction to take about 2.5x the time taken for the impulse run. This is the "Hurry Up & Wait" syndrome!
So, is Bitcoin Cash (BCH) still phasic with Bitcoin (BTC)? The answer is yes, but not in lock step. The video explains this much better. I believe BTC and BCH will be taking turns to rise and correct. As BTC is rising, BCH will complete it's correction and as shown, after the correction, it will then impulse upwards. While BCH impulses upwards, BTC will undergo its small correction. I believe this alternation will continue for a few days. Let's see what happen throughout the day.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
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Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.**
BTC and BCH hand in hand, our Bitcoin seems to love it's Cash :)
Hi, do you think that Bitcoin will drop down significantly after reaching $10k?
I will provide analysis on this soon.
Thanks!
I'll share my own example guys..even after investing all these years i liquidated Bcash after laddering in for weeks at around $300...i got out thinking that it would collapse after the fork cancellation...not sure what i was thinking, but it's a great example of not paying attention to the wave counts and just going with my gut....it stung real bad and i missed thousands of dollars in profits...follow your counts guys and be patient
The number one mistake I see by new crypto traders is selling early on a dip....especially if they didn't listen to the advice to ladder into and out of a position. Sure enough, one day, two days, hell sometimes 10 minutes after you've moved your money trying to hit the next potential jackpot, paying fees both ways, What you got worried about and quit on gets to a pressure point and shoots up 180% in one morning....but you ended up selling both at losses in the end.
Thanks for telling that, it's great for new readers to hear where others had missteps in the hopes of avoiding it the easier way rather than the hard way.
Patience, and truly realizing there is ALWAYS A WHOLE LOT MORE TO LEARN. The basics are very helpful, but understanding the nuance of patterns and trend changes takes time, and study, and experience. There is so much information in ALL the videos (I know that's too much for some people...that's kind of the whole problem essentially), and it gets explained in many ways, and hammered in over and over.
The More Darkness You Reveal
There's True Patience, and battling That is the Need of quick or even instant gratification, that We have come to expect...aka Greed...combined with uncertainty due to lack of experience and repetition.....bring in Fear.
Patience to watch and not always make moves, unless you understand exactly why you can be confident in that position. Patience to read extremely long replies like this one, that I bet most people stopped reading by now. That kind of patience. Because if you have that kind of patience, well, then before you know it
Thanks for the post scarlet7...love your contributions as well...cheers
It's fine. It'll leave an impact and you'll learn something out of it and grow to be a much better trader. Plus those failures will haunt you in a productive way keeping you in check.
Happy Trading!
Absolutely...i wanted to share this with everyone to show no matter how long you've been in the game, we are human and to not let news or gut feelings that make you (as haejin points out) shoot from the hip overpower your wave counts...cheers vimukthi...you are a great contributor here...love the comments
if you buy something at the bottom honestly there is no point selling it. I always see it as me being on top or even staying even. Like bitshares is an example. Its still cheap compared to what it was ATH 42 cents. I bought it around 8 cents. Should have gone in at 4 but got too busy/lazy. Buy at the bottom just hold. Take for an example OMG, its consolidated for so long. I think I am gonna buy couple of hundred of those and holding on to them might be fruitful next year.
Yeah i like OMG....it's a solid project and the buzz it has created along with it's followers should propel this one for the foreseeable future
Best analysis as always
good analysis @haejin ,,,,
yep, ethereum is really cheap in fees, but bitcoin, on speculation, will be always the king...
In spite of more and more detractors, Bitcoin continues its frantic race to new heights. After a week rich in emotions, a new $ 8,100 ATH was reached this Sunday.
The little beast that goes up ...
Between Wednesday and Sunday last week, the price of bitcoin fell sharply from $ 7,700 to under $ 6,000. Since then, we have witnessed a rise that becomes usual. We had been waiting for a while to see the price exceed $ 8,000, and the week proved us right.
cool analysis , two thumbs up!
Thanks for this analysis!
Thanks for this analysis... I started following you recently and learning about tehnical basics... Have you ever done Neblio analysis maybe?
Hi @haejin Thanks for the TA. I'm counting waves on BTG since you made a post and then was kind of cancelled by lower lows (sorry if I'm wrong) so to me it looks correction is done however volume has decreased. Could it mean the correction can go lower? Could it become phasic with BCash as we saw before?
Thanks for your time as always.
The volume going down at a similar trend angle as the wave is a Bullish implication. It certainly could correct some more, and I think it will, and will likely turn up around the time BCH does as BTC corrects.
Website name is fork.lol, seriously.
Good one!
Is the retracement of the fifth wave
4 can't overlap with 1 ; if it does, it's not an impulse of 5 but an abc or wxy or combination.
Red A should be where 3 is and B should be where (4) is.
Thank you!
https://invst.ly/5wb50
The I feel like the second retraction is part of the sub wave of wave 5. Forgive the poor markings. Is there a good online TA applet that anyone can recommend?