After free fall, are we building another bear flag. Oh sit
Watch closely over the next 6+hours for confirmation of yet antoher bear flag forming on the 1hr chart on BTC, if this proves to be true it will further enforce my
earlier claim if BTC falling to sub 7k levels, we are currently in a pull back, which would be wave 3, still part of the C the larger time frame abc corrective wave, I suggested will complete under 7k. So far we have been par the course, I am off for a few hours, so have taken profit and am waiting for a confirmation to re-enter market.
Many will probably stay in the game but this is part of my risk management plan.
Good Luck to you all, hope you all become Millionaires, don't forget to be fluid and quick to change your plans and admit mistakes, it's a zero sum game and you don't want to end up with the zero.
earlier claim if BTC falling to sub 7k levels, we are currently in a pull back, which would be wave 3, still part of the C the larger time frame abc corrective wave, I suggested will complete under 7k. So far we have been par the course, I am off for a few hours, so have taken profit and am waiting for a confirmation to re-enter market.
Many will probably stay in the game but this is part of my risk management plan.
Good Luck to you all, hope you all become Millionaires, don't forget to be fluid and quick to change your plans and admit mistakes, it's a zero sum game and you don't want to end up with the zero.
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Wow, a good push up this morning, bulls have taken control as we speak, Watch out though, spinning top on the hourly shows that there is a struggle between buyer and sellers , so watch for the next candle close. It is red at the moment but has an hour to change. The original trajectory to under 7k is still valid but just following it's own path. I generally don't like to use Elliot wave for more than my own personal "maybes". While some use it to great success, I find it a little less reliable than playing the probabilities with chart pattern breakouts. WAhich is generally why I just use an arrow, and just ride the waves on the way down.
Let me know, if you find Elliot Wave Theory works well for you, ir you find an edge in using it.
Happy Trading and Good Luck.
Let me know, if you find Elliot Wave Theory works well for you, ir you find an edge in using it.
Happy Trading and Good Luck.
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Bear Flag breakout to below is still a very possible option, now it has formed.
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Could be described as a rising wedge too, either way .
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You can see if we draw the last few major upper trendlines how BTC is trading down, although if she can break through to the next channel it will be a more bullish sign, I do think it will continue trading between the current channel until it bottoms out and we get a price to juicy to refuse to purchase and get a huge bounce back into the green.