the_batman
Long

BITCOIN CORRECTIVE WAVE (THE BOOZE MONEY REBOUND PLAY)

BITFINEX:BTCUSD   Bitcoin / Dollar
UPDATE: Chart is nulled. Principles appear to be sound.

Now that the recent movement has found its temporary bottom at the 320ish support level ...let's catch the flip side and make some booze money for the weekend.

The point of the chart is to show that (1) that a correction is taking place, and (2) that it has the potential to be substantially larger than normal.

Here's the reasoning:
(0a) The price movement has almost certainly stopped for the next 5-7 days at least.
(1) The price just fell massively. Roughly $35 over a 48 hours. Hence a proportionately large correction would be reasonable to expect (ie $15-25, albeit the high end will only last momentarily).
(2) We've seen many elliott wave diagonals over the last 14 days. The diagonal is a sociological phenomenon indicating movement driven by a variety of "bad" emotions (panic, over excitement, extreme bullish/bearish sentiment changes in individuals). The diagonal is generally followed by an unusually large correction.
(3) The elliott wave count I've posted is clearly incorrect. However, it does't matter. All elliotticians agree that we are entering a "wave 4" at the 315-335 area. This will be a prolonged period of sideways movement before one more drop down towards $285-300. Within that sideways movement, there is potential to temporarily touch higher price points like $340 or otherwise retest the above resistance levels.
(4) If the ellliotticians turn out to be a bunch of jackasses - WRONG LIKE ALWAYS - it's likely that it'll be bullish news and sentiment. Hence holding a long position at the bottom of this zone is a smart move.



wave 3 diagonals... wow... rewriting the whole elliott theory by yourself. what's next? hyperbolic b waves? ahhahah.. what a load of junk...
+1 Reply
the_batman Bosphorus_Capital
agreed
Reply
the_batman Bosphorus_Capital
omg do you follow me? :DD
Reply
no. i checked you out for the third time. it's still junk.

good trolling effort though, made me look... :)
Reply
the_batman Bosphorus_Capital
still applying EW to forex?
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out