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ELLIOTT WAVES - characteristics Waves for BITCOIN

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Wave characteristics
1. "Market psyche" is almost completely bearish The news is still negative

2. The market is drifting away from recent, hard - work, profitable positions.
The price can roll back almost 100% of Wave 1, but not lower that is beginning .
Usually it is about 50-60 % of Wave 1, and it develops against the background of the dominant predominance of investors who prefer to fix profit.

3. There is a sharp growth of optimism among investors.
This is most powerful and longest wave of growth
(it can't be the shortest), at which prices accelerate and volumes increase. Classical 3
Wave exceeds Wave 1 at least in 1.618 times and may be even bigger.


4. Wave is often difficult to identify. Usually it rolls back no more then 38% of Wave 3.
It's depth and duration, as a mile, is not big.
Wave 4 should not fall below the level of Wave 2.

5. Wave 5 is usually much less dynamic, than the 3 Wave.
During the 5 Wave, many confirming technical indicators begin to fall behind the price movement.
Also at this time, some oscillators start to show negative divergence, warning that the
market is moving to the top.

Indeed, bitcoin is bullish. Idea below explains why:
Reply
nope, not 50000, nor 25000 not even 15000, if youre applying elliot wave principles than you should also consider the weekly chart, and that shows that we could go to 1100$ level
Reply
fairplay47 Husain_Zabir
@Husain_Zabir, your chart is "to young" to be correct. You can not tell where is wave 1 or 2 because:
a) your chart starts 2011.
b) fundamentals "bullish"
+2 Reply
Husain_Zabir fairplay47
@fairplay47, wave 1 and wave 2 are clearly mentioned with their elliot wave properties, you can argue for their position on elliot wave rules, talking about the fundamentals, obviously we're not here to discuss fundamentals, the only thing that matters is the price action and chart, if you're going behind the fundamentals than better you should discuss on twitter, chartists dont care abt fundamentals, meanwhile every bubble in history had stong fundamentals whether its dotcom bubble or financial crisis, and bitcoin cycle is not so different from others
Reply
fairplay47 Husain_Zabir
@Husain_Zabir, I can bet 0.1 btc that u are wrong
Reply
Husain_Zabir fairplay47
@fairplay47, seriously mate, we're chartist not gamblers, no one knows the future, i've shared what i've seen in charts, i dont have any crystal ball, so i could be wrong and am prepared for this situation too, this kind of flexibility in your behavior makes you a trader, you have to leave your ego to accept that you could be wrong
Reply
Jeff_Cryptopop Husain_Zabir
@Husain_Zabir, EXACTLY. But the fools won't hear of it. They could sell now and buy back 10x what they have once it corrects. They won't though because through delusions they'll instead listen to the liars. It's a case of not knowing how to let go. The fact that a top came and they couldn't sell tells me they'll be holding at....zero.
Reply
dizlike
Reply
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