chessnut

Bitcoin at medium term bottom.

HUOBI:BTCCNY   Bitcoin / Chinese Yuan
366 14 3
This is a fine EW count for BTCCNY             and BTCUSD             . Triangles are terminal moves, buying in this area is a high confidence trade. Stop under 2000.
My count is different (B => ii on your chart), using a combo of Bill Williams' objectifying tools + averages with the USD exchanges. TLDR targets are 2000 (minimum) and 1890 (max).
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the_batman PRO the_batman
2 years ago
Er rather, this count makes sense for /this/ chart., If you look at /all/ charts, you'd see that B is a textbook flat and the fifth wave of A is truncated.
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chessnut the_batman
2 years ago
You could be right but the reason I labeled it like that is because on Okcoin there was a bullish triangle that played out textbook. the spike on huobi was a strange thing, as if the triangle broke down on huobi, and then up on the other exchanges. anyway, thats all behind us now.
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the_batman PRO chessnut
2 years ago
I just meant that its hard to figure out what's going on in bitcoin coz you gotta make sense of so many choppy charts ;)
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chessnut the_batman
2 years ago
based on the beginning of v of c and the distance of iii, the fib cap of 0.618 wave iii would be 2000yuan. Im not familiar with the Bill Williams tool.
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the_batman PRO chessnut
2 years ago
There are certainly about 20 ways to calculate the targets. The best way is to open up the lower TF chart and see where the super internal wave is. Looks to me like it hasn't hit wave 4. That implies, at the very least, it still has a ways to go before it's done. Certainly lower than 2000.

Bill Williams spent a lot of time modeling the wave - creating tools to take the subjective out of counting. It shows, for example, that the 5-count in your A wave has a truncated fifth.
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chessnut the_batman
2 years ago
The only method I tend use in EW for calculating the bottom of v is a fib extension of iii. Its a very important part of the principle that wave iii is usually the strongest and the other waves are expressed in terms of iii. we are diverging here so I think in this case its no exception.
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haha you win ?? or did something just happen in the news..
+1 Reply
chessnut the_batman
2 years ago
haha idk havent heard anything so far.
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khoilevt
2 years ago
are you sure ?
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the_batman PRO khoilevt
2 years ago
i'll tentatively answer: this chart is invalidated as of last night. (I got source that says new info/event has come out of china-- another "bitcoin ban" of sorts.)
+1 Reply
the_batman PRO the_batman
2 years ago
tentative
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khoilevt the_batman
2 years ago
What , the news is china ban bitcoin? ..... OMG
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chessnut the_batman
2 years ago
yep no longer valid. pity about that. thx for heads up on possible china ban its the first ive heard of it.
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