HELLLO Everyone. I am writing to you today to let you know of a beautiful trade opportunity. It sucks that my link play didn't turn out to be right, but it makes sense since bitcoin wasn't acting right. I remember Jessie livermore once mentioned in "how to trade in stocks" that it is essential that things act right. I still don't know exactly what that means, but I am pretty sure that it has something to do with things making sense. Bitcoin wasn't making any highs, and had a longer term bearish outlook, meaning that link and omg aren't going to go up just yet, since both of these things are correlated to bitcoin.
Elliottwave analysis: The elliottwave analysis for bitcoin, is as shown. First off, we have just finished a 5 wave move to the upside, that helped us to break out of the triangle. We fell down, only to be supported by the upper barrier of the triangle, but the bulls definetly didn't have enough steam to take us higher, and there was no way, that a move that took almost y moonths to be completed, will be over in less than a month. To me, it looks like we still have some ways to correct. Maybe we will see a bullish december like the good old days, but who knows. All I know is that october is spooky season, and it is especially spooky since we are going to be trading a correction for sometime in bitcoin, and corrections aren't fun. Anyway, coming down from our high on august 17th, we have completed 4 waves out of a greater 5 wave move. Why do I think this is an impulse down and not a combination? well, assuming my count is correct, we are targeting the 0.386 retracement, which is not deep enough to even entertain the idea that we are seeing some sort of complex correction. In addition to this, if you check the fibonacci extensions of the first wave, the wave 3 is hit almost exactly, and the wave 4 never goes into wave 2 territory which hints to me that this is an impulsive wave down, of a greater move. The target for the wave 5 is the 0.386 retracement of the greater wave, and the 2 extension of the wave 1. Another reason that supports the idea that we are in an impulsive move down, is that if we are, we are in alignment with the rules of alternation. We can see that the wave 2 is short and and deep, whereas this wave 4, although kind of deep, is still really long. I hypothesize that right now we are just ending the 4th wave of a greater triangle, meaning that a break of the 10850 wave E high, and I am out of the trade. Altogether this trade presents us with a 4.49 risk to reward which is reallllly nice.
Anyway, I wish you all the best and I hope you have a great day. Enjoy the last couple trading days of the week and I'll see you soon.
Elliottwave analysis: The elliottwave analysis for bitcoin, is as shown. First off, we have just finished a 5 wave move to the upside, that helped us to break out of the triangle. We fell down, only to be supported by the upper barrier of the triangle, but the bulls definetly didn't have enough steam to take us higher, and there was no way, that a move that took almost y moonths to be completed, will be over in less than a month. To me, it looks like we still have some ways to correct. Maybe we will see a bullish december like the good old days, but who knows. All I know is that october is spooky season, and it is especially spooky since we are going to be trading a correction for sometime in bitcoin, and corrections aren't fun. Anyway, coming down from our high on august 17th, we have completed 4 waves out of a greater 5 wave move. Why do I think this is an impulse down and not a combination? well, assuming my count is correct, we are targeting the 0.386 retracement, which is not deep enough to even entertain the idea that we are seeing some sort of complex correction. In addition to this, if you check the fibonacci extensions of the first wave, the wave 3 is hit almost exactly, and the wave 4 never goes into wave 2 territory which hints to me that this is an impulsive wave down, of a greater move. The target for the wave 5 is the 0.386 retracement of the greater wave, and the 2 extension of the wave 1. Another reason that supports the idea that we are in an impulsive move down, is that if we are, we are in alignment with the rules of alternation. We can see that the wave 2 is short and and deep, whereas this wave 4, although kind of deep, is still really long. I hypothesize that right now we are just ending the 4th wave of a greater triangle, meaning that a break of the 10850 wave E high, and I am out of the trade. Altogether this trade presents us with a 4.49 risk to reward which is reallllly nice.
Anyway, I wish you all the best and I hope you have a great day. Enjoy the last couple trading days of the week and I'll see you soon.
