BITSTAMP:BTCUSD   Bitcoin / Dollar
311 10 4
things are moving along as expected. wave 1 of 5 completed recenty. the market spike is wave 2 in progress. typical 61.8% retracement of wave 1; could go higher or not. i've labeled where i think waves 3, 4, 5 will end. please ignore time. only focus on price levels
The Wave 2 market spike conveniently coincided with Microsoft's news release that they are now accepting Bitcoin. We'll see if the bulls can ride the news to more than a 100% retracement because we know they really want to.

https://www.cryptocoinsnews.com/microsoft-now-accepts-bitcoin-bitpay/

https://commerce.microsoft.com/PaymentHub/Help/Right?helppagename=CSV_BitcoinHowTo.htm
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user100000 Unapologetic_Capitalist
2 years ago
i did not know that. thanks for the news. in my experience all "good" news will be ignored during bear markets
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Unapologetic_Capitalist PRO user100000
2 years ago
no prob. i've gotten a lot of insight from you so I'm happy to try to return the favor.
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Unapologetic_Capitalist PRO Unapologetic_Capitalist
2 years ago
I also wonder if M$FT timed the news to coincide with the end of wave 1 of 5 considering (i) the odd time the news was released, (ii) the fact that there was no forewarning or leaks of the news (unlike the PayPal rumors), and (iii) the fact that it happened was right around the 340 support level.

I'll take off my tin-foil hat now...lol
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user100000 Unapologetic_Capitalist
2 years ago
good observations. i have no idea if release was timed or not. it could be the market knows all and made sure wave 1 was out of the way just in time
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user100000 Unapologetic_Capitalist
2 years ago
your recent published ideas about triangles really helped me understand the market a little better and now things make a lot more sense. i was really confused for a while thinking wave 4 was over but in reality was ongoing as a triangle. it was hidden in plain site. i couldn't recognise it because of the distortion
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Unapologetic_Capitalist PRO user100000
2 years ago
To be honest, I owe my triangle insight to responses I got from @DanV (great EW chartist on TradingView) and from Sid Norris' "Wave Notes" he took while studying "Elliott Wave Principle" by Frost & Prechter - 10th Ed. (2005), which can be found here: http://elliottwavepredictions.com/wave-notes/

"There is no limit to what a man can do or where he can go if he doesn't mind who gets the credit."
-Attributed to a plaque on the Oval Office desk of Ronald Reagan.
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user100000 Unapologetic_Capitalist
2 years ago
no doubt they are great chartists. if you look at my triangles, they all have waves a-c and b-d joined. i got that by looking at sid norris charts. i learned most of what i know by looking at his "free charts". danv also has great insight into the markets as well
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johnrfraser
2 years ago
Do you think that huge wave 2 - 3 drop can actually happen after this news?
Nice EW work again...I'm nervous as it doesnt seem feasible for it to complete if the world starts buying off this news :-/
Think i may wait for my 60 min MFI and macd cycles o bottom and buy back in...
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user100000 johnrfraser
2 years ago
according to the ew rules+guidelines wave 5 must be composed of 5 waves. if it would truncate by chance it would still be required to have 5 waves
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