neuromancer

Bitcoin Elliot Wave to $18000, Strong Trend Support

Long
POLONIEX:BTCUSDT   Bitcoin / Tether USD
Despite all the FUD, I see the end of an Elliot Correction pattern ( ABC ) and the first 2 waves of an Elliot Impulse pattern (12345).

This could be the first chart I get wrong, so please do your own research. But thus far I have been using support & resistance trends combined with fibonnacci retracement and trend-based extension tools to make decent trades. You can actually see on this chart how many times I was right in identifying patterns for the past few weeks..

Correctly identified:
1. big orange trend line of support from Nov 11th to Nov 30th and onward
2. Bear trap at Dec 7th
3. Head and Shoulders at peak

You can view my other charts to see historical predictions I made as well.

Market Psychology

Right now everyone thinks bitcoin is a bubble that has burst and will continue down to $6000 level, but I don't think that is in the best interest of investors who have put millions into mining and starting companies, etc. They have put too much money in and want it to go up, they will find a way to push it if it gets too low. They may let it go down further only to grab some cheap coins first, but for now it looks like the correction is over. Perhaps they all just wanted to take their Christmas bonus, but there seems to be quite a few major hodlers and buyers keeping that orange line going.

My stop-loss is at $11,673.

Disclaimer: Those are my thoughts, take em or leave em. I am not a professional. Ultimately, the cheaper coins, whether $14000 or $6000, are a nice Christmas gift for the future as the general trend of BTC is up :)

p.s. sorry for the messy chart!

Comments

nice chart!! i agree with you on this. that we are on 5 impulse waves up
+1 Reply
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