Elliott Wave Analysis of BTCUSD (BITSTAMP); 4H

BITSTAMP:BTCUSD   Bitcoin / Dollar
I believe the red b wave zigzag is done. Using the parallel channel tool it's possible to project the end of wave c by connecting the origin of wave a with the end of wave b and place the parallel line though the end of wave a. The timing of this low is in line with the 12 week +-2 cycle window
I got a completely different analysis on this one. Hope you dont mind me sharing this with you but I think you are on the wrong side of the trend.


Full details are explained on the chart.. ( )

Looking forward to sharing some ideas!
ah the never-ending hope and enthusiasm of a perma-bull.. it's like mama's home cookin'
+1 Reply
oaksacorn PRO lonestar108
My mama is gone. This has nothing to do with home cookin.
Macainian lonestar108
I love his charts. They give make me laugh every time. Not because they are wrong, but because it doesn't matter if one of them is right or not. He posts the same chart over and over with a modification every time it goes down.

I can always rest assured that I can get a nice user100000 chart after a big price drop. One that shows a gigantic move upwards. I believe the price will rise again, but I don't just think that because I like BTC.
oaksacorn PRO Macainian
It only makes sense that you would as this is an extended 4 wave or a larger 2 either of which is extremely long in the tooth. Monthly indicators are pointing to a low with large upside potential. Up moves in btc can be ravenous as they should be because of the math behind the potential numbers. If you think bitcoin is a bunch of shit then yes you would be selling aggressively at any level....especially when the bulls look weak. If bitcoin is for real then I would be extremely careful from the short side at this juncture. Bitcoin futures....position limits...are helping the bigger players get in at good levels. Leverage works both ways. If you mock 7k, 20k or even 150k you don't understand the potential numbers. Especially when the newer big boys and girls (and there is one girl in particular that you should be weary of) decide to use the leverage in the direction where the herd may go - up.
oaksacorn PRO oaksacorn
Remember that all of the trillions of OTC swaps are being cleared through exchanges. The funds behind this are not nearly enough. When it blows (and it will) it will be real and there will be no choice but to print like a banshee. There will be no choice. No one here who are short with leverage will be able to get them back. It will be a bloodbath. The bears are being way to aggressive here.
+1 Reply
ChartArt oaksacorn
The more I analyzed long-term Bitcoin charts the more reasons I found to accept that the bears have a valid reason to be bear, as much as I love Bitcoin to go finally up.
+1 Reply
Of course. Every market has a need for bears. I am a good bear trader overall. I would not push it here from the short side if I were trading bitcoin.

I am a bitcoin investor/miner. I don't trade it. I am still averaging in. I never trade a market I am invested in. Trading bitcoin will come later for me at hopefully much higher levels.
What do you think about revisiting 160 level for double bottom?
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