Technical perspective ====================== Let's quickly review our Wave count on a Bitcoin Weekly Chart.
Firstly, we note in Wave 3 we previously had successive weekly green bars. so this is the first red bar for several weeks. Unsurprising there's a red bar - so let's not get panicky and say there is a Crash.
Secondly, this red bar is significant - taking out the red bar low will indicate further downside. Taking out the high indicates we are resuming the Wave 3 upside.
Note: Do not take Wave 3, 4 and 5 as forecast price point, they are not - they are simply just a Road Map.
This is a higher level view and I will update you as we progress.
Fundamental perspective ====================== Earlier, The People’s Bank of China issued a statement that all new tokens or coins that are beginning their fund-raising activities (Initial Coin Offerings, or ICO’s) are to halt.
In short, some ICO’s generate capital by receiving Bitcoin from investors in exchange for the new coin on offer. At the moment, most companies that were fundraising in China are unable to continue issuing coins – so they have begun to sell the Bitcoins given by clients, flooding the market and driving the sharp decline in Bitcoin value.
Note China investors can still invest in Bitcoin ICOs they will just have to do through overseas sources, not in China.
From what I've read, the ICO's have to refund clients their money (BTC, ETH). It's possible the clients are selling their crypto..
UnknownUnicorn1063189
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@view_trade,Yes but they can just re-invest through overseas sources, should they choose to....
Piptocurrency
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Calling me a reckless cowboy trader then taking basic trade ideas I published months ago and revising your incorrect wave counts. That's pathetic. You're not a professional trader, if you continue to claim that you are I might just roast you with some facts. You're a retail trader like everyone else.
UnknownUnicorn1063189
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@Piptocurrency, Thank you following me you should learn alot.
RM13632221
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Hi Sean, thanks for your analysis. How do you determine the beginning or start point of an Elliot Wave? Is it generally on weekly candles?
It's an excellent question and to be perfectly honest I've always struggled with Elliott Wave in that Wave Counts are subjective ( I don't like subjectivity in my trading). What do I mean by this? Well, 3 independent traders can have entirely different views on the Wave Count and none of them is necessarily wrong. For me, its all about making money with Wave Counts. My Wave Counts are right if I am flowing with the market.
Specifically, I can give "Sean Vengan's Elliott Wave Trading Tips":
1. I look for definite clearly visible turning points - I believe on my chart analysis I clearly show the turning points on Bitcoin
2. Applying the basic Elliott Wave Principles, Rules and Guidelines (you can Google this or I will be doing a comprehensive course on this) it should keep you on the right side of the Wave count
3. Always try to do this on as large a time frames as possible (it works on smaller) but for me "Big Picture" is King (or Queen if you are a female)
4. I always emphasise looking at structure what I mean by that are Swings - so I want to have confluence that my Swings are in line with the Wave Count
Hope that helps...
UnknownUnicorn1063189
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@SEAN_VENGAN, One final tip which is the MOST important.
When you learn how to master Fibonacci Analysis with Elliott Wave you are buzzing.
I deliberately don't show too much of this combination in my analysis on Trading View as I am saving that knowledge for my fee paying subscribers on my profile link, but I can teach all of this.