Elliott Wave theory is one of the most accepted and widely used forms of technical analysis. It describes the natural rhythm of crowd psychology in the market, which manifests itself in waves. The essence of Elliott waves is that prices alternate between impulsive phases that establish the trend and corrective phases that retrace the trend. In their most basic and straightforward form, impulses contain 5 lower degree waves and corrections contain 3 lower degree waves.
Elliott Wave is fractal and the underlying pattern remains constant. The 5 + 3 waves define a complete cycle. They can form different patterns such as ending diagonals, expanded flats, zigzag corrections and triangles. Fifteen different degrees of waves can be identified with each of the 5 smart drawing tools, allowing users to visually identify different degrees of waves on a chart. The key to trading Elliott waves successfully is counting them correctly for which there are rules and guidelines.
Bitcoin has rallied higher than most people expected. There seems to be a lot of calls for the moon and bullish sentiment but I don't think the bull-market has started just yet...
On the daily we have a diverging RSI, volume is falling and if we draw an Elliot-Wave (assuming wave 5 is roughly a 1:1 of wave 1) We should expect a top not much higher than our...
Bitcoin pulling back but above working support 5487 , into what I consider an ongoing wave 3 of 5 advance. Under critical support top of wave 1 at 5406 , the count will become invalid . We almost achieved equality of wave 1 , but usually 3rd waves extend to 1.618 multiple of wave 1 which would be 5922.
Still going up or started moving down ?
Share your thoughts and observation in comments session :)
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#BTC LONG-TERM PROJECTION 2019-2025
Using the Elliot wave concept, each impulse wave moves within a channel. I drew a channel connecting the previous minor highs ((1) and (3)) after major wave 1 (I). See how the lower end of the channel supports the current lows of the price. I expect minor wave 5 ((5)) to hit the top of the channel which may fall somewhere...
Go to Hell BTC you're time is not now...
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Hi Good morning all check out last push down can be small one.
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HKEX:321 broke the resistance trend line.
MACD has bull cross and is going to become double bull.
The four months correction wave should be finished as it broke the bollinger bands' top. It should enter the third wave.
Cut loss @2.76
Target @3.55
Buy in current price
I like the pot. I like the charting sooo.. pot charts are gonna be a thing for me. Looking like an impulse up, is possible. Some Pa Resistance to bust through for the fif. Typical fif fib projections but who knows, could be super extendo fif....could be ending diag.... could be crappy truncation fif... or not even an impulse. TBH its looking a little odd...
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