Here is the bitcoin move we were expecting, but this pump was insane. To be honest I expected a correction to 4600 and has closed off 60% of my position -_-. I have just been counting the waves which match the form and fit of elliot the best. Thus I have been using my primary count to analyse bitcoin. The 40% of my position is donezo Im out for now waiting for a new entry terminal that could never come -_-
For my primary count the 1 retraces 50%, the 4 retraces 38% and this is matched by all the components of what appears to be an extended wave 5. The 5 of 5 of 5 still has room to extend. I have seen extended fifths to the 4.618 extension before. I dont like calling tops and the time has come to bring out another secondary count which is very possible however I will be more conservative for now because if a c occurs it could be fast and a total blood bath and we might not be able to liquidate everything in time.
Now heres the explanation for the secondary count.
For the secondary count, If we have a textbook expanded Flat correction, 6125 is the target as a 1.618 extension of the initial wave A.
The secondary count has weaker form and fit since the 1 retraces 38%. A way in which this would be countered would be a deep correction of the wave 3. If it comes this will be my terminal. The extended wave 5 to come will be a potential profit of 1000+ per coin. or we get the B of the last C wave so there is no point to not buy corrections especially if they are simple.
One thing to say as well. Though the bitcoin fork is coming it does not mean that new money is coming into the market. It would make more sense that old scared money has returned and the market has reached a form of saturation. The correction which would then ensue would be slow at first then speed up just after the fork as people are finally free to liquidate their bitcoin. I guess we'll see where we end in the coming days. If this is the case and the top is in and the slow part of the correction ensues the alts will probably go crazy in the coming days, as some of the btc profit money finds its way back into the altcoin market.
Thoughts?
For my primary count the 1 retraces 50%, the 4 retraces 38% and this is matched by all the components of what appears to be an extended wave 5. The 5 of 5 of 5 still has room to extend. I have seen extended fifths to the 4.618 extension before. I dont like calling tops and the time has come to bring out another secondary count which is very possible however I will be more conservative for now because if a c occurs it could be fast and a total blood bath and we might not be able to liquidate everything in time.
Now heres the explanation for the secondary count.
For the secondary count, If we have a textbook expanded Flat correction, 6125 is the target as a 1.618 extension of the initial wave A.
The secondary count has weaker form and fit since the 1 retraces 38%. A way in which this would be countered would be a deep correction of the wave 3. If it comes this will be my terminal. The extended wave 5 to come will be a potential profit of 1000+ per coin. or we get the B of the last C wave so there is no point to not buy corrections especially if they are simple.
One thing to say as well. Though the bitcoin fork is coming it does not mean that new money is coming into the market. It would make more sense that old scared money has returned and the market has reached a form of saturation. The correction which would then ensue would be slow at first then speed up just after the fork as people are finally free to liquidate their bitcoin. I guess we'll see where we end in the coming days. If this is the case and the top is in and the slow part of the correction ensues the alts will probably go crazy in the coming days, as some of the btc profit money finds its way back into the altcoin market.
Thoughts?
Comment:
Im out but we are very close to the 4.618 target I am just wow
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The textbook expanded flat target will be 6125 o.O
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We've gone parabolic. This is crazy
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The likely hood that we will hit 6k without stopping is really high, this must be watched very closely if your still in. parabolic blow offs do not end well. We could have a super expanded flat and that would lead to 7k. I am buying back in but with only a small portion of my initial trade.
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I think the red count is still possible at this point however the blue count can still be extended