Finally made sense of this cryptic cryptocurrency and I think it's pretty bang on. After every impulsive move there was a 5 wave correction and a retest before another impulse. We're now in the 5th wave so we may see a deeper correction.
See links below for smaller timeframe chart and how we can trade this.
You've found the eliot waves. I think we are in wave 3... though, it is hard to tell with the super shallow retracements.
Happy Charting :)
WicktatorFX
⋅
@LunarAvenger, thank you! would love to see your charts!
This whole phase was an impulse and ElliotWave suggests that impulse waves have 5 waves so I just spotted the most obvious retracements and counted the waves :)
LunarAvenger
⋅
@Wicktator, Learning myself, but I find them quite staggeringly accurate here. Hence my desire to get them down well. Though to be fair, I'm still mostly mastering the simple harmonies of fundamental structures. Things like how most indicators are not as accurate as things like Volume, OI, OVB, etc.
Stockguy0415
⋅
@LunarAvenger, I found this phase after the fall from 58k earlier in the year particularly difficult to figure out what was going on myself. I think the reason for this is that it's all been one giant complex correction.
LunarAvenger
⋅
@Stockguy0415, Well, we are still in the same bullish elliot wave based on the people I trust to know their stuff. (Wave 3, bullish impulsive)
We aren't in a running flat either, we are still going up.
Bitcoin has traditionally had massive corrections before... (up to 80%!!) while I don't anticipate such a massive move. We should be aware of levels like 48k, 55k and 62k currently during this ATH pump.
i_jesse
⋅
hey yo wick. thanks for coming to telegram. wanted to ask just a simple question. What reading materials can you recommend for a trader. thanks and keep the fire blazing
WicktatorFX
⋅
@i_jesse, hi Jesse! Everything you need is on YouTube. Search for bullish and bearish corrections and also impulse/corrective waves. There’s loads of materials on there to help identify those patterns
Happy Charting :)