BTCUSD possible wave count

BITSTAMP:BTCUSD   Bitcoin / Dollar
1374 16 78
The correction took longer than i expected, it now looks like an abc with a lower level abc within the b wave.
If the correction is over then this will be an expanding flat.
There is still the possibility for more down side to make a lower low (since the monthly correction may not be over)
wait for the break out to confirm the up move .

I will post possible trade setup on lower time frame
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Training : add to skype mangal457
TA doesn't really work on Bitcoin, from my years of cryptocurrencies trading experience. We need some huge news to hit it hard, just like what Greece did 2 months ago.
Wave patterns are on all charts . News events a often the driving force to move the market but understanding wave patterns would give you a very high probability of forecasting the direction it will go when the news do move it .
+6 Reply
anilmangal PRO anilmangal
news event is often*
+3 Reply
moorekapital anilmangal
I wonder why some people seem to see some markets as being too special than others. The thing is, the same patterns are seen on every markets, be it E-mini, Stocks, Options, Forex markets, crude oil or gold. The same patterns keep repeating themselves, why because the same human beings who participates in these markets are found everywhere, and if human behaviour follows some patterns, then the same patterns would be seen on every other charts. IF I TOOK TWO DIFFERENT CHARTS, AND STRIPPED OFF THE TIME AND PRICE AXES, WOULD YOU BE ABLE TO TELL, WHICH MARKET IT IS???? I learn't Price action trading from DR AL BROOKS, an eye-surgeon who quit practice to day trade full time for a living. Dr believes that one could actually focus on the price and make money, rather than paying attention to the news. "Only look at the chart and it will tell you what you need to know. The chart is what will give you money or take money from you, so it is the only thing that you should ever consider when trading" -Tim Moore(MooreKapital)
+5 Reply
pippo moorekapital
+1 Reply
hecate PRO moorekapital
i totally agree. still be careful if trading bitcoin. you need some homework done regarding the safety of your investments. So not just leave your money in a exchange and ride the waves forever, because who knows :) maybe your exchange closes. be careful.
JamesBowler moorekapital
@moorekapital I agree!

I know this is an old post but I stumbled across something truly amazing. Currently I am studying Statistics at the University and the subject is epidemic breakout of Salmonella bareilly, which is an infection causing diarrhoea, fever, vomiting, and abdominal cramps. Ok too much detail.... Anyway I was asked to study a Scatter Plot of cases reported and to describe a pattern. I joined the dots, would you believe there is an Elliot Wave, with 5 waves up, then a correction of 3 waves down with Fibonacci confluence. After the ABC correction, followed a massive epidemic breakout of Salmonella.

So, the Elliot Wave could even be used to predict a possible epidemic! Anyway that just my 0.2BTC and never under estimate the power of the wave.

Thanks Anil
beamer anilmangal
OK, we'll see :)
I am glad you are willing to learn ,yes we will see , it's about to break out so any consolidation now will make a nice buy setup.
+2 Reply
If it doesn't consolidate it will bounce off the trend line so any down impulse will be a sign of more downside ,so let's see
+2 Reply
the first correction starting a the ((A)) could it be a contracting wedge?
+1 Reply
Awesome chart analysis. Thank you Anil
God job!
Update on this pair
+2 Reply
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