Hello traders. Today we will talk about Bitcoin from the Elliott Wave perspective.
After that strong and impulsive rise in the first half of 2019, BTCUSD has slowed down in the second part of 2019, but clearly with slow and complex W-X-Y corrective structure that can be also finished with an ending diagonal (wedge pattern) in wave Y, which is actually a powerful pattern and it usually indicates sharp and impulsive reversal. Not only this, we actually got a five-wave bullish reversal, which in EW theory signalizes a potential bottom at 6400 level, at least a temporary one. But, after every five waves, a three-wave a-b-c pullback follows, ideally into a higher degree wave B/2. So, before a continuation higher within wave C/3, we should be aware of a slow down into a correction, where ideal support would be between 8200 - 7700 levels.
All that being said, we believe that Crypto market is turning bullish, mostly because of strong and impulsive five-wave rally from the previous lows. Even some ALTcoins made nice and clear five-wave rise, so those Cryptos can easily see more upside, just be aware of a deeper three-wave a-b-c corrective decline soon before the uptrend resumes.
Be humble and trade smart!
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Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Muy buen análisis pero no entiendo las 5 ondas bajistas que forman Y, tampoco entiendo la corrección alcista A1, B2, C3.
Mi análisis es W, X, Y igual que el tuyo, después viene la onda 1=A1, onda 2=B2, onda 3=C3, onda 4=... y onda 5=...
¡Namasthe!
dimonle
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check this
ew-forecast
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@dim0nle, yes, looks like more upside still
Martens58
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I have yet to meet an Elliot Wave Person who labels things correctly in the present terms. They always come back later and re-label their charts. Repost this chart in 6 months, and we will see if you were right.
Hey Martens.
You know yourself, sometimes u are right, sometimes u wrong, I label 100 charts per week if not more. But the point is not to label each chart correctly; its impossible, but key is to find usefully setup for possible trade between these 100 charts. Analyst/trader will be watching &analysing 90% of the time and trade only 10% or less .
ON this btcusd aboce, maybe I am wrong and price will go straight up, but not a problem. I will just not be trading it then.. no harm done. But I may be trading it if price comes down in three legs and then buy a pullback.
Hope this helps
TomPower
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@Martens58, I've been short this thing since feb 3rd. he always undershoots the price. it damages my account. of course he will recount this wave higher, wtf. but I lose money following his crap.
NachoGM
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@TomPower, Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
TomPower
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looks like your b2 is taking us on a 3 month bear cycle first
TomPower
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@TomPower, any idea when this is topping , I've been short for a week and getting slammed!
Muy buen análisis pero no entiendo las 5 ondas bajistas que forman Y, tampoco entiendo la corrección alcista A1, B2, C3.
Mi análisis es W, X, Y igual que el tuyo, después viene la onda 1=A1, onda 2=B2, onda 3=C3, onda 4=... y onda 5=...
¡Namasthe!