TimStuyts

Bitcoin, little higher then correction

INDEX:BIT   Bitcoin Index
54 0 5
Because of the US elections I'm not trading today. I stay aside for the simple reason; fundamental traders don't trade news they trade inter market analyses, technical traders don't trade news, they trade technicals. However EVERY trader has to deal with probability, Elliott Wave Principle (which is leading in my work) for example shows that expanded structures exist. So invalidation levels aren't always invalidation levels but in fact can be part of an expanded pattern. And you might know yourself that circumstances like today might be such a day where we might face spikes that stop traders out without invalidating structure. Inter market analysis on the other hand often deals with lags. This is why investment bankers are able to deal with this because they have the capital to sit it through.

I therefore use today to do some analyses and I start to like Bitcoin . This is due to the simple fact that we are getting more and more historical data.

The data feed is not showing all data but Bitcoin made a strong impulse towards 1200 before it made a major correction. Short term I like to see wave (iv) end before we see another minor impulse higher for wave (v) which should complete wave 5. Once that wave 5 is over I see Bitcoin moving lower for a correction of larger degree.

There is another scenario where price is currently unfolding in the shape of a wave B of wave 4. This can expand above the high of wave 3 or can reverse out of the current levels.
Personally I see Bitcoin as a long term investment and I am therefore waiting for the correction so I can buy Bitcoin long term from lower levels.




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