Bitcoin has just completed an ABC correction. Wave C was an impulse wave and therefore the next wave will also be an impulse wave and has just completed a 1-2. This could be a new bull run, following the ABC correction OR could be the D wave prior to the final E wave. If we get to the E wave then expect possible correction down to about 8300 dollars. If we don't then 'this is it'. Either way, you may buy now but be prepared to sell if it corrects back to an E-wave (and if it doesn't then feel free to set your own sell points). Disclaimer: This is not investment advice. Trade/invest at your own risk. Do your own homework. These are MY thoughts based on Elliotts wave analysis.
Can wave C really be completed? Wave 5 within Wave C seems uncompleted.
rpdventure
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@treirabigereugen, that's why you put stop loss and execute low risk high reward trades by carefully selecting entry points.
patakopesa
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@treirabigereugen, take a look at the chart again and press the play button - Wave 5 within wave C was well complete hence the current wave 3 which could be a 'this is it' or the D wave as part of ABCDE.
treirabigereugen
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@patakopesa, I'm confused. I can't find 5 waves within wave C as drafted in the chart. To me, it looks like wave 1 as drafted in the chart is wave 4 of wave C, hence wave 2 of the chart would be an so far uncompleted wave 5 of wave C. I'm very interested in understanding your point of view, thank you!
patakopesa
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@treirabigereugen, sometimes a wave does 123 or 12345. Wave C did a clear 123. The reason I labelled 1 and 2 as I did is because 2 won't retrace as low as or lower than 1.
treirabigereugen
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@patakopesa, how do you know that wave C is completed with a 123? Why can't this be a 1234 with C4-5 in the making?
treirabigereugen
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@patakopesa, ok, I now got your counting. I think you can't say for sure if wave C is completed or if we just see wave 5 of wave C. We'll know VERY soon. However, I think we just see subwave 2bc of wave 5 within wave C, haha.