roaken

BTC - What was that?!?!

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Today BTC recovered from a dip that had ALL the bear signs. I've never seen so many charts wrong on #TradingView This is clear market minipulation! It's ok though! We can use this knowledge to our benifits as traders. When markets gets pumped like this, it's usually millionairs moving tons of money into the market it small pieces that directly flip the market to their advantage at key times. AKA!!! Someone want this market to succeed. Assume bull trends this week :) I am!

Comments

First of of here's the big picture of the current correction of Wave A:



-In that Wave A we are on the Wave ((iv)) Correction going up.
-Wave ((iv)) got 3 subwaves (a,b,c) and we are on that Wave c
-Looks like Wave c is extended and we are in the last subwave iv going v of that.



Here's my wave v projections:

Using the current wave fibo's:

Wave iii = 1.618 x Wave i
Wave v = Wave i



Using the Channeling Trend Method:



What do you think ?
+1 Reply
roaken surangadesilva
@surangadesilva, I like this analysis, but you’d have to ignore that dip falling in gout of the channel and fiercely back in. No gradual climb like normal.
Reply
@roaken, Yes agree. This normally happens and we pani when our wave count is wrong. I have seen some examples in the Eilliott Waves book. So I have recount the waves again and now it looks much better but i can see the fibo numbers are not normal but not bad.

i.e: wave iii of wave (a) is just above 1 but not 1.618, wave iii of wave (c) is 2.618+ but not 1.618. Sometimes you see wave v truncation when wave iii is strong so i'm not too sure the last wave v or end of wave (c) will do a double top or reverse before that. Also we might go past 8.9k and reach 1.236 of wave (a) if we get another pump like yesterday when they start the 2nd day. This could take btc to 9k+



Also during Consensus 2017 we had similar volume until 1 day after consensus and then btc crashed for few days before the uptrend



Correlation is not causation but it is possible that some people get super excited about this time when majority is still bear until we finish Wave A major correction. I'm also waiting for Wave B correction which will around 1k but never know whats going to happen as bitcoin has always got surprises for us
Reply
It doesn't look right on the coinbase chart. It threw me off too. but if you take binance/bittrex/bitfinex chart it looks like a waves b in wave 4... I hope the 5th wave wasn't truncated, it totally threw me off.
+1 Reply
I mean b wave in wave 4
Reply
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