First I do not believe in my humble opinion that the Elliots waves works on cryptos.They are very complex to locate and synchronize. The margin of error is zero. On the chart we see that after reaching the historical ATH, the price broke the main trend line (TL1) and tried to retest the ATH and found its Stop on the HH1. I formed a new trend line (TL2) joining the critical and relevant points and the price was of HH1 to make a pullback in LL1. It tried again and broke its trend at the same level as HH1. I named them HH2 to identify the pattern. Again made a drop and ended up doing a new pullback in LL2 perfectly on TL2. At this moment he is heading towards the HH3 and there can happen two things (no, it is not the Nike pipe) You can make the recoil without reaching the HH3 or arriving definitively. Here comes the moment of the greatest and last setback of the previous 3 months. Two scenarios: 0.382 FIB USD 3.7 / 3.8K and continue with the bull run to far surpass the 5.2 K 0.618 FIB USD 3.1 / 3.2K + bull run.
Sorry but in my previous charts I was erratic, maybe for lack of practice, but I take care of my mistakes and I apologize.
Thank you as always to everyone!
Trade active
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UPDATE 12/09/2017 Another new test, forming a new HH3 perfectly in the TL2. Not to lose sight if it breaks the new resistance TL2
I think we are still in the 3rd wave of correction wave A which ends at 2965... but i'm a "noob" to trading :) and have to learn new things every day... thanks for sharing your thougts!
AndresThomasShirakawa
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@mc77, your welcome bro, thanks for the feedback. The 3rd corrective wave are C. 1,2,3,4,5 and A,B,C.
I believe on EW but not on cryptos. Resistances, Supports, trendlines, EMAS, SMAS and Fibonacci rules.
mc77
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@AndresThomasShirakawa, thx for reply. but I think we are still in correction wave A which is made of 1,2,3,4,5 and now we are in A3 which is also build of 5 waves. I think now started the fourth of it and should ending around 3900... I hope so :) that's my next target. I also look at fibs, pivot, trendlines, ... but I hope in combination with the elliot wave theory I can get better starting and ending points for my trades. I am at the beginning of my study, so I have to wait and I am starring 20 hrs a day at the price movements :) I hope btc goes up now
bmgbmg
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You picked $3000-$3200 then retracing up. Good Job.
You can also short 25:1 margin in the waves on the way down, it's fun!
@mayblepapa0611,
First thanks for the info and share it.
With respect to the flag you think it is a kind of offense?
From which country do you come from?