Using the elliot wave principle method and the fibonacci sequence of each impulse i have derived a data set to compare the actual movement of bitcoin and my thoughts on its movement based on Principle. I have made the subwave 3's of each degree of wave as the extensions. I will move these as necessary depending if the subwave 3 or the subwave 5 is the extended leg. Futures sometimes have extended subwave 5. Also the corrections can be much deeper but I have been conservative in the corrections until I see a more bearish sentiment in the market. A lot of people have been expecting the downside so I feel the MM in futures is pushing us up a little to counter this sentiment. Daily and weekly movement is semi-bullish but its definitely not bearish so I do see a good push upwards as of now.
I am not a pattern trader. A lot of people see and Inverse HnS on higher time frames from our last dives down to the 33k range. I could care less about that pattern mainly because its actually not an inverse HnS. The volume profiles are off and the actual pattern itself is broken. That trade has been invalidated since we broke the head two weeks ago. Lots of HOPIUM out there saying we gonna hit ATH with that pattern. I don't believe in HOPIUM or MOONBOI syndrome.
Realistically bitcoin will follow traditional methods 80% of the time since it is tied to the SPX and other global markets during their peak hours. We see close correlations in volume during buying and selling sprees in the global markets. This has helped us better chart bitcoin's movements over the long term.
Just the same this idea can be totally negated in a millisecond of MM decides he will push a direction and attack liquidity. Generally this should be a close trend for us. Many extended subwave 5's can help us reach back to 50k but I don't see a clean break. I see a corrective phase from there. How deep we go is up to the bears. We could see the 34-36k range again but we could stop short of that if the bulls have their way. Our next set of waves is all dependent on the ABC correction of CYCLE DEGREE impulse mode wave. This is the ORANGE wave depicted as 4,5 and ABC in the chart. The PINK is our SUBCYCLE DEGREE set of waves and the green is the MINI SUBCYCLE DEGREE of waves. Our driving force will be the CYCLE DEGREE but we have confluence with all three ranges meeting around 50k. This is not unique but uncommon. Generally the waves have disagreements with different subsets having extensions that don't match another plotted course. This confluence brings me to a heightened sense of understanding of our movement.
For the last time - we could just completely fall out here or take a wild hair up. This market is volatile and anything goes. Russia and Ukraine are at eachother's throats and the FED is raising rates next month. All the while Biden is making empty promises for the American economy. The great thing is the SPX has room to pop for now and I think that will continue to happen for the next week or two while they stall the Russia invasion. Then when prices are high enough war will be declared and the institutions will have a big selloff after they have achieved the desired sell prices. This also has confluence with my charts
Thank you for reading all this if you actually have. I don't chart or post much but I will start to do so in the near future. I love to share my thoughts and if we are correct on these movements I hope to gain some trust so we can all move with bitcoin together. The most stable shitcoin on the planet xD
Peace, Love, and Chicken Grease
Mr Big Texx
I am not a pattern trader. A lot of people see and Inverse HnS on higher time frames from our last dives down to the 33k range. I could care less about that pattern mainly because its actually not an inverse HnS. The volume profiles are off and the actual pattern itself is broken. That trade has been invalidated since we broke the head two weeks ago. Lots of HOPIUM out there saying we gonna hit ATH with that pattern. I don't believe in HOPIUM or MOONBOI syndrome.
Realistically bitcoin will follow traditional methods 80% of the time since it is tied to the SPX and other global markets during their peak hours. We see close correlations in volume during buying and selling sprees in the global markets. This has helped us better chart bitcoin's movements over the long term.
Just the same this idea can be totally negated in a millisecond of MM decides he will push a direction and attack liquidity. Generally this should be a close trend for us. Many extended subwave 5's can help us reach back to 50k but I don't see a clean break. I see a corrective phase from there. How deep we go is up to the bears. We could see the 34-36k range again but we could stop short of that if the bulls have their way. Our next set of waves is all dependent on the ABC correction of CYCLE DEGREE impulse mode wave. This is the ORANGE wave depicted as 4,5 and ABC in the chart. The PINK is our SUBCYCLE DEGREE set of waves and the green is the MINI SUBCYCLE DEGREE of waves. Our driving force will be the CYCLE DEGREE but we have confluence with all three ranges meeting around 50k. This is not unique but uncommon. Generally the waves have disagreements with different subsets having extensions that don't match another plotted course. This confluence brings me to a heightened sense of understanding of our movement.
For the last time - we could just completely fall out here or take a wild hair up. This market is volatile and anything goes. Russia and Ukraine are at eachother's throats and the FED is raising rates next month. All the while Biden is making empty promises for the American economy. The great thing is the SPX has room to pop for now and I think that will continue to happen for the next week or two while they stall the Russia invasion. Then when prices are high enough war will be declared and the institutions will have a big selloff after they have achieved the desired sell prices. This also has confluence with my charts
Thank you for reading all this if you actually have. I don't chart or post much but I will start to do so in the near future. I love to share my thoughts and if we are correct on these movements I hope to gain some trust so we can all move with bitcoin together. The most stable shitcoin on the planet xD
Peace, Love, and Chicken Grease
Mr Big Texx