This idea is For Educational Purposes Only This Is Not Financial advice Trading is Very Risky and You can lose Money I am Not a Professional
Bitcoin has a beautiful rhythmic pattern, RN Elliot was the guy who taught us what it looks like. God bless that man Wave 1 is up, usually not that exciting Wave 2 is down, and is the place to buy, any crypto You like Wave 3 is up, everybody you meet is a "trader". mainly because the up trend make humans feel like they are smarter than they really are Wave 4 is down, this one is my favorite, It breaks the hearts and minds of all the greedy so called "traders", most lose their shirts Wave 5 is the final UP wave, this is where Alt Coins shine, they pop off like popcorn! CAUTION: Wave 5 does NOT last forever, when coins like XVG touch .30 cents/ Bitcoin Cash $4100. You will know its time to sell ALL Crypto WAVE 4 will touch 20k then its Game on for a while then a lot of down down down down for years... The overall Cycle correction is Long and predictable. it Must retrace below wave 4 by at least one degree
Note: It took about 820 days for the last cycle to reach its wave 2 bottom, patience is required, Save your money!!
Sentiment-wise, Wave 3 might have peaked at Apr'21 instead of Nov'21. RSI and social metrics have been declining on the weekly and monthly timeframes since Apr'21.
dualmass
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@TheTradingWoodworker, That part had me a bit puzzled, Tesla did the same thing,so I reread RN Elliots books and he mentioned that waves can extend when the market is super excited, he also mentioned that this is most common in a 3rd wave.... A few coins had extended 3rd waves, btc, eth, ada, sol Great point on the RSI, we will soon have a 2 week rsi that is much lower than the wave 2 bottom in march 20, "covid crash" Thanks for your input, I must admit I am dying for intelligent input, it seems scarce on TV... Lets see what happens
AlphaBravoCharlie77
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@dualmass, the "nice" thing is whether the Weekly-3 peaked in Apr'21 or in Nov'21, we might be due for a pump soon. Either the Wave 5 for the 1st scenario or the Wave B for the 2nd scenario. And the impulsiveness of this pump will give us clues as to whether it's a Wave 5 or a Wave B, and hence whether the Weekly-3 peaked in Apr'21 or Nov'21 :)
By the way, have you read Roy Baumeister's work on ego depletion and decision fatigue? It seems to complement RN Elliott's work fabulously and opens up new ways to analyse the markets via social metrics.
dualmass
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@TheTradingWoodworker, I am gonna read it now...thanks!
growrootsforlife
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do you have an indicator that wave 5 has begun? resistance to look for?