The signs were there when Bitcoin was about to dump if you incorporate some Elliot Wave and stock analysis. During the recent run to 10k Bitcoin did show bearish patterns prior to dumping to where it is now. Classic symmetrical triangle leading to the last impulse in price upwards. And when price did fall it formed a sneaky nasty Head and shoulders top as seen on the chart.
So what are the signs of this correction? Well Bitcoin is putting in a symmetrical triangle again at the moment! So maybe the next significant price dip will be the last before a trend reversal. It will be important to keep an eye out when Bitcoin reaches the .88 Fib which is also around a cluster of support. Many people will be burnt out of the market by this time. If you're a bull it looks like an opportunity for a good risk reward with a tight stop!
Let me know your thoughts I am learning still after years. Thanks!
Many of these indications were mentioned earlier by Haejin whom you can check out at steemit.com/@haejin This is my subjective take and I’m just here to share and learn
MilkBread
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your impulse wave matches ew theory quite well. interested to see how this goes
@SKG79, it is kind of. But Haejin lee follows basic elliot wave principles so we’d have similar analysis. I got into TA cos of Haejin so my TA will def be similar if not the same. If anything I’m going into even more detail with my subjectivity
SKG79
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@moon757pro, That's fine. Just be careful with Haejin. Sometimes he's a genius, and sometimes he's very wrong, calling for bullishness far too early. People get rekt when he completely disregarded the BTC correction at the start of the year. I believe his words were "Permabears calling for 10K and 6K are going to get a lesson in being wrong." And drew arrows pointing up towards 20K plus.
Just be careful and remember that when BTC corrected from $1000 to $160 and had a 2 year bear market. In 2017, BTC did 20x. It's possible that we've only partially corrected. Haejin may have to adjust his charts continuously, and already has several times where he called for a breakout of the larger descending wedge and waiting for the first impulse, wave 2 and then wave 3 to really explode out. This hasn't happened. His charts have had to change.
A better Elliotician and overall chartist is a guy called AP (youtube him). He's much more realistic and risk adverse. Also, HashwareHub guided through the correction brilliantly with his EW analysis. Once the last bottom was in, he stopped making videos, but go find him and see how well he did in real-time.
I love EW too man, and even had a private lesson with Haejin. He's skilful but not a right as a new person would think he is. You have to watch him for a long time to really know.
But he is also the guy that made insanely awesome calls on the alt coin season and was hitting it out of the park....most of the time. When he's wrong, he's fucking wrong though.
Peace
moon757pro
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@SKG79, Thanks for the thoughtful reply. he was def wrong throughout this correction and is living off the hype he made when he called the alt season. i stil enjoy his analysis as he makes it pretty simple I’ll check out those other analysts another I like is tradedevil on YT. Thanks
Bounced right off the trendline very well.