Notes on the chart. No doubt, we are in a downtrend. The first 1-2-3-4-5 downside impulse is over and now we have an A-B-C zigzag correction. ZigZag's subwave structure is 5-3-5. We had 5 and 3, now another 5 is ahead. Due to the principle of equality and keeping in mind the typical zigzag's correction size current upside movement should terminate somewher around 15 000. I recommend you the "Elliott Wave Principle: Key to Market Behavior" by Robert R Prechter and A.J. Frost to learn more about Elliot waves and fibonacci.
Elliott Waves are designed to stop you trading. And Fibo's are just as misleading on Bitcoin. Elliott waves create pareidolia.
For day traders who prefer to trade Bitcoin off smaller more reliable patterns...
Alexander_Nikitin
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@sumastardon, Elliot Waves Analysis is not a strategy. No trader trades off wave count. EW provide the general outlook of what the market is doing and where the market is most likely to move next. Of course entries, stops and targets are based on tested rules of engagement that define a trading strategy. The strategy is only called reliable if it has positive expectancy while being tested on history. Now, when you claim you patterns to be reliable, could you please provide their win probability, RR-Ratio and expectancy.
sumastardon
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@Alexander_Nikitin, Yep. Just go and check all past comments on Bitcoin since the beginning of Novemeber. Over 40,000 points of profit won off Bitcoin in that period. Every single call is there for you to check for yourself any time you care to. Alexander, I like your stuff actually. But I've been doing this for 31 years both professionally and now I'm retired. And I promise you faithfully Elliott waves are designed to STOP you from deciding. All people ever do is count waves and then change their minds again later. They are a DISTRACTION from the real business of trading. It took me 20 years to accept that. And then I started trading off signals, as per comments. I'd like to save you from Elliott waves If possible. You've heard of pareidolia? Elliott waves are there for people with pareidolia to play with. Is all. Honestly. Try looking at smaller patterns. The devil is in the detail, not the noise. Peace, bro
Alexander_Nikitin
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@sumastardon, I was asking you about numbers. I was not asking you about 31 years or 14 000 pips profit or what ever you told me above. RR-Ratio, Win Probability and Math Expectancy, please. Three numbers separated by comas. Nothing else. All professionals know them even while asleep.
very good TA. I believe that we are still in a downward trend also. but the Target before we start heading downward again, for me, is 13,200. we might get and expanded flat abc 3-3-5 pattern that can definitely push the price to the 14,500 before it comes crashing down
For day traders who prefer to trade Bitcoin off smaller more reliable patterns...