I am new to charts and cryptocurrency. I have no idea how or if Elliot Waves fit into modern sentiment but I do like Fibonacci and the natural way of waves.
I also believe Markets and people tend to move in crowds. Fundamental Analysis is useful for Crypto up to a point.
Let's face it, it has no intrinsic value (YET) other than speculation. What are you prepared to pay for it? Hopefully, less than 10K SO.... go down BITCOIN!
If I could I'd be shorting that SUCKER all the way down. Now let's talk about the WHY
What causes the price to move? Pure speculation, large movements of BUYS & SELLS, LONGS & SHORTS. A trend is confirmed and the mass moves.
It's a little like a Conga line, grab those hips baby and smile, everyone likes a little gamble.
I've drawn a few lines, made some retracements, some extensions, speculated where it might go and I could be completely wrong.
I do see that the current sentiment is to go down, there's more Market Cap, there's more trading Volume but as we try to reach higher there's doubt and momentum slides.
Let's face it, behind every Bull is the heart of a Bear and every Bear wants to come out of hibernation and be a Bull. That's the long and the short of it.
The Market needs a lower low for everyone to get scared and excited again and to pump that coin back up.
If anyone wants to jump in and counter argue or give me some education I'm happy and eager to learn.
My personal account is small, I'm hoping to build it by scalping into a larger position account.
Good Luck to all :)
PS Apologies for the messy chart I hope to improve
I also believe Markets and people tend to move in crowds. Fundamental Analysis is useful for Crypto up to a point.
Let's face it, it has no intrinsic value (YET) other than speculation. What are you prepared to pay for it? Hopefully, less than 10K SO.... go down BITCOIN!
If I could I'd be shorting that SUCKER all the way down. Now let's talk about the WHY
What causes the price to move? Pure speculation, large movements of BUYS & SELLS, LONGS & SHORTS. A trend is confirmed and the mass moves.
It's a little like a Conga line, grab those hips baby and smile, everyone likes a little gamble.
I've drawn a few lines, made some retracements, some extensions, speculated where it might go and I could be completely wrong.
I do see that the current sentiment is to go down, there's more Market Cap, there's more trading Volume but as we try to reach higher there's doubt and momentum slides.
Let's face it, behind every Bull is the heart of a Bear and every Bear wants to come out of hibernation and be a Bull. That's the long and the short of it.
The Market needs a lower low for everyone to get scared and excited again and to pump that coin back up.
If anyone wants to jump in and counter argue or give me some education I'm happy and eager to learn.
My personal account is small, I'm hoping to build it by scalping into a larger position account.
Good Luck to all :)
PS Apologies for the messy chart I hope to improve