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
ChartArt
2 years ago
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?
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user100000 ChartArt
2 years ago
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
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ChartArt user100000
2 years ago
Thank you for your detailed explanation! So you are bearish. I'm now as well again.
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user100000 ChartArt
2 years ago
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)
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ChartArt user100000
2 years ago
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.
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MoonTrader ChartArt
2 years ago
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.
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MoonTrader MoonTrader
2 years ago
The bear moon has failed.
Counting moons
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user100000 MoonTrader
2 years ago
agree with you,,, im expecting market to move to 470 based on the length of wave 1
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ChartArt user100000
2 years ago
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.
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user100000 ChartArt
2 years ago
good level to buy... im waiting for the market to take out 386.6
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PanScibi
2 years ago
So we miss B (little up) then C - more down , yes?
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user100000 PanScibi
2 years ago
yes some kind of abc correction
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