(VIDEO) BITCOIN Is Showing A Bullish Set-up

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Traders, welcome back to our new video analysis!!

Its been more than a month now since I posted latest video, but simply I will not update every tick by tick and tried to call any new leg if I do not have a clear view or enough price data for next prediction. Remembers, market has to breath. However, we still posted a lot of chart updates and showed the right direction. Now the question is where we go from here. Well, we definitely cannot ignore the clear bullish pattern that can be setting up here; an 8-wave EW cycle that can cause a bounce from current 61.8% Fib. level.

Enjoy the video!

p.s. Be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only. Please do your own research!
Comment: Good Saturday traders!
BTC is still very slow and we don't see five waves up yet, so it's a possibility that we could see new lows into ending diagonal for wave (5) of C towards 7k.
Comment: traders, we have seen a break to a new low into 7000/7200 area from where I see some very nice bounce on a smaller time frame.

Comment: So far nice turn up on bitcoin since we came out with idea of an ending diagonal. We see crypto breaking above wave four level quite aggressively which means price can be headed up into wave two zone of that same pattern, close to 10k. Any near-term pullback can stop at 8300

Comment: Interesting price similarity as you can see between 4h and 30min charts. We remain bullish..
Comment: Five waves up and break above 9k would confirm bullish continuation..
Comment: Hello traders! Cryptos are still slow and looks like deeper correction is in play on BTC, but we remain bullish. We just think it's consolidating within uptrend. BTC support around 8300 still holds, but seems like it wants to retest 8000 level at 61,8% before turns higher, just keep in mind that bullish confirmation is only above 9000 level!
Comment: Key level, A=C, W=Y, do or die?
Comment: Deep corrections on Cryptos, but still valid! Keep an eye on bullish level!
Comment: Well, we got five waves down in C and still looks corrective. Deep correction retraced for 78,6%, so we remain bullish here, but strongly suggest to wait for a break above 8300 bullish confirmation level!
Comment: When everyone has already turned bearish, we stick and believe in our analysis!
Comment: Traders, BTC hit new lows, but still don't want to be bearish here. Structure looks corrective, so still think we will get a bounce just above 7300 invalidation level. First evidence of a reversal would be a break above 8000 level.
Do you remember a corrective wave B of a higher degree at the end of February and at the beginning of March, when BTC went almost back to highs? Same thing may happen here and that's why we want to focus on a higher timeframe analysis. Anyhow, it's not about who is right and who is wrong, the real point is to learn how to track markets and how to make right decisions when comes to trading and that's why is important to wait for confirmation levels.
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What are your thoughts on this count?

+8 Reply
Yes! I convinced you to use WXY on cryptos! My mission is complete. Now that you see it too, its time to go ALL IN !
+2 Reply
thanks so much for the update Grega!! you are my Elliot Wave professor! lost without you buddy!
+2 Reply
imo there is still 5 of C down
+1 Reply
All TA suck. I am out. DRAW line going up, But wait re-adjust draw line go down then up, next screen draw line go down and down some more.

Example of Real TA to me is (that no one does):
Scenereo 1: 60% chance final price 15k
Scenereo 2: 30% chance Price=9500-11k
Scenereo 3: 10% chance price= 7-3k
Scenereo 4: 100% channce after scenereo 1 or 2

no one is an expert if u all were u would be on Wallstreet in an ivory tower in your maybach.
+1 Reply
Snuby3 Bullion_Money
i'm killing it!! i'm making SO much money using TA!! i just got started about 6 months ago, it may be a year or two before i'm rich, i didn't start with much. i'll let you know.. right now i'm up about 10 times my deposit. you sound like you're struggling. if you think it doesn't work, it normally means you should give up. quit.
+2 Reply
@Snuby3, Hey! Nice to know you! Do you mean that you only learned & used EW Friend ? :) Have a good day!
Snuby3 phongnguyen
@phongnguyen, no I use Elliot wave theory to kind of help me get an idea of what I think is happening.. but mainly use good old fashioned TA. trend lines and breakouts and indicators and formations and flags and such
@Snuby3, thank you so much friend! happy trading!
@Bullion_Money, you should not quit.

Market needs a direction. And if you are smart to understand the direction, then you can make money out of it. Patience is the key. And it does get difficult when you see everyone else making so much money is such a short time. It does not work like that for everyone though. I have encountered a lot of losses based on bad decisions in the past. But patience always pays out.

Always keep the fundamentals in mind as well. TA may show one thing, but it all changes when fundamentals do not support the TA. And then suddenly the TA is pointing in the opposite direction.

I would advise you to keep an eye on the overall market volume. Keep checking coinmarketcap from time to time. Take a look at the daily 'gainers/losers' section and you can see which coins you should avoid and trade. Do not invest all of the money. Experiment with very small amounts. I would advise you NOT to do margin trading on any alts, especially whilst going long, at least with not more than 30% of your money.

And do read this article. There will be people who make millions.... only to lose all of it afterwards.


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