feej

BTS breakout or middle of larger ABC correction?

POLONIEX:BTSUSD   BitShares / Dollar (calculated by TradingView)
My initial thinking was that this correction on Bitshares was simply a bull flag (ABCDE) which would mean today we broke out of it. However, as I recount the waves (something I've just been learning to do in past few weeks so high probability I'm wrong in my count) this could be an ABC correction after the completion of wave 5. That means price could rise to around $0.70 (wave B) and then drop (12345) to around $0.45 area to complete wave C. I'm brand new at this and would appreciate your thoughts. A shout out to "just-joe"... I'm posting this for you! Thank you for helping me learn. By the way, for full transparency, I bought Bitshares at around $0.53 and am still holding it as I ride this emotional rollercoaster (and yes I know we aren't suppose to have emotion in trading but I'm not a robot... yet).

Cheers all, and happy trading.
p.s. this is clearly not investment advice... I'm just an beginner student of Elliot Wave and chart patterns. If you want to follow someone who knows what he is talking about, check out "just-joe".
I have to admit, I appreciate the last quote about emotion and robot because I am trying myself not to as a new guy in this business.

I will buy bitshare this week and will hold until 0.001 if I have to, I miss the train with bitcoin but I won't with other crypto because I am on FULL ALERT.

Only invest what you can effort to lose.

Happy trading,
Cheer

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Feej, It's awesome!!!! I can see that you are a really quick study! Great count! Your premise is very clear as well....providing price points is helpful reminder for me, that I should make sure I add those too, from time to time. I think I rely heavily on the picture, and don't necessarily provide the written thought, so...great work!

I will try to chisel out some time this weekend to analyze a count for BTS. Initial thought, I see BTS and DGB have some very similar price movement, and both look like they need to move lower before heading higher. Interpretation is the wonderful thing about E.W., you and I may "count" or interpret the finer details, and in this case, we both will end up with a similar idea and price point. Nice!
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feej just-joe
@just-joe, Thanks Just-Joe! Your encouragement makes me want to study harder. I’ve just ordered the Elliot Wave book. I look forward to your analysis of BTS. It’s one worth looking at as decentralized exchanges are supposed to be where we are heading for all exchange in future.
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BTS just announced BitShares Enterprise Alliance with many new companies to the platform (some will inject multi-million USD liquidity every single day). Hard to believe we will see 45 cents again.
https://steemit.com/bitshares/@stan/bitshares-enterprise-alliance-part-1-alice-s-hero-hub
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feej MaxL82
@MaxL82, Thank you for that piece of news. I hadn't seen it. I sure hope we don't ever see $0.45 again! But even if we do see it as part of this correction, based on my understanding of the waves, lots of upwards movement and new ATH's should follow that low.
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