BITSTAMP:BTCUSD   Bitcoin / Dollar
246 12 0
wave 1 of 3 is done.

you can see divergence between wave 3 and wave 5
macd at highest point at wave 3 usually

i corrected some labels. it makes better sense now i guess

very confusing pattern, but im sure wave 1 is over
I still have to learn Elliot Wave analysis that's why "wave 1 of 3" doesn't tell me much so far. You posted your chart as "long", but drew a bearish MACD divergence. So you are thinking "short" that the price will sink?
user100000 ChartArt
new impulse wave start at the recent bottom labeled y/2.
impulse waves have five internal waves (1,2,3,4,5). waves 2 and 4 are corrections
im showing the market completed wave 1. the bearish divergence confirm the current impulse wave, wave 1, is over for now. macd is just helpful way to identify wave 3 and 5 (top)... now market is corrcting (wave 2). wave 2 usually retrace 50%-61.8% of wave 1
+1 Reply
ChartArt user100000
Thank you for your detailed explanation! So you are bearish. I'm now as well again.
user100000 ChartArt
im bullish. wave 2 will soon be over. what comes next is wave 3 up which is the most powerful wave in markets. especially wave 3 of 3 (almost vertical move)
+1 Reply
ChartArt user100000
Ok. In that case I'm alarmed to buy back soon. The Bollinger Bands are already very tight indicating a very explosive move in one direction very soon.
MoonTrader ChartArt
I think you'll be fine if you buy now. If it was going to go bear, it would have done it by now with the weekend and the new moon (if you follow my ideas), plus it already broke convincingly out of your triangle to the upside. We're bound to move once the weekend is over.
MoonTrader MoonTrader
The bear moon has failed.
Counting moons
user100000 MoonTrader
agree with you,,, im expecting market to move to 470 based on the length of wave 1
ChartArt user100000
I'm more bullish again. I'm back in at $375 after there was no weekend sell off from China as it usual happens after the peak.
user100000 ChartArt
good level to buy... im waiting for the market to take out 386.6
So we miss B (little up) then C - more down , yes?
user100000 PanScibi
yes some kind of abc correction
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