I think Elliot waves are a great way to describe how markets behave, but I do not see their utility in predicting market direction; hindsight is required to confirm any true analysis using Elliot Waves (unless you are accidentally right about your prediction). I bring this up because I have been seeing a lot of calls to short BTC over the past couple days. Since the double bottom, BTC has not broken its uptrend line. Why would you short BTC when it is at the precipice of an all-time high? To make an extra $200/coin in case it falls? It seems to be a risky gamble.
I do understand that all indicators require hindsight for confirmation, but I believe other indicators give us clearer signals to place orders. I personally think trend lines should be followed first and indicators should be used to confirm direction. I am guilty in my posts of breaking this rule and speculating. I am on TradingView in order for people to give me honest feedback, and hopefully to call me out when I make bad; speculative trades. That’s the way we learn.
Let me know what you think. Here’s hoping BTC breaks $7500!
I do understand that all indicators require hindsight for confirmation, but I believe other indicators give us clearer signals to place orders. I personally think trend lines should be followed first and indicators should be used to confirm direction. I am guilty in my posts of breaking this rule and speculating. I am on TradingView in order for people to give me honest feedback, and hopefully to call me out when I make bad; speculative trades. That’s the way we learn.
Let me know what you think. Here’s hoping BTC breaks $7500!