Morning Traders,
Locally, bitcoin seems to be in the process of completing wave 2 of 3 before the next leg up to $13.16k.
Bitcoin regained and sucessfully retested major weekly support above $10.2k.
I suspect fireworks if we can just get a HTF close above $11655 (monthly resistance) and print a HH above $12k.
Looking for B of a larger corrective cycle to...
1. We focus on price action, levels and probabilities. News, drama, and other non order flow related information carries little weight in our decision making process. I have been explaining that the probability of this overall location favors bullish reversals which is why we did not exit our swing trade long in the face of bearish order flow (see 7275 to 5464...
Elliott wave analysis shows we are currently in wave 2 which can retrace 100%. I originally noticed this on the S&P and posted about it, then realized the same thing is already happening on GOLD.
Here is the post for S&P. I just feel obligated to warn everybody.
Bitcoin has established a higher low off the 6800 level which we interpret as a sign of strength, especially within the context of the 7275 broader support level. As long as the 7K level holds, price is likely to break higher and into the low 9ks at minimum. Timing is less about "predicting" and more about about letting the market prove itself by demonstrating...
"october is crash month"
"we're in a recession"
"head for the hills"
"load up on puts" - put call ratio above 1.2!!
In the midst of all this cacophony, sp500 is sporting a classic ABC pattern which points to more upside in the months ahead and possibly all the way into the 2020 election.
Dow 40,000 ?? by nov 2020 ?? Hard to believe but that's what Elliott wave...
Thought I'd take a look at the "17" hour period & after decoding, here is what I see happening with BTC over the next month prior to blast off for Wave3
Not financial advice (or political) lol
And allow the alts to pump while you (BTC) tiptoe down to where you're headed/0.618
Just to blast off to your next destination and leaving alts behind as peeps sell-off to jump on for a temp ride (or so they think) then, as ppl jump back into their alts as BTC takes a short break only to blast higher unexpectedly, smashing through top of the channel causing FOMO...
GIS Im loving this set up in General Mills, look for it to move mostly sideways/down the remainder of the year and start of 2020. I will start accumulating around the 48 area if this hold true, because it appears to most likely be Wave 2 (aka Right shoulder of Inverted H&S) and at the very least ride back up to the decision point. In my opinion, this is at least...
Resistance zone prevents Bitcoin from pushing higher which is NOT unusual since this market is STILL IN A CORRECTIVE CONSOLIDATION. In fact, the 11650 low of the previous inside bar was taken out, generating a new sell signal. Both of our swing trade ideas reached their respective targets days ago, and all we maintain now is inventory from an average price in the...
Bitcoin is nearing our second target that we shared as part of our alternate swing trade idea almost a week ago. Why are we not calling for 20K or some other unrealistic target? Again it has everything to do with the proportions of the recent price structure. The goal of this analysis is to provide a sense of perspective and context as they relate to short term...
A high degree of randomness. That is the best description for the Bitcoin price action in recent days. The real question is can you see through it OR are you distracted further by things like small time frames and over reactive chartists continuously making unrealistic claims? Filtering out the noise has everything to do with arriving at YOUR OWN conclusions and...
Hello.
Have been studying, learning and viewing the charts.
Hoping to share this idea as a current view of the market from a student.
Feeling that the run from $3000 to $13800 may have found exhaustion.
If we break above the 50 ema on the hourly chart around $11600 then I think it is possible
that we are finishing a triangle in sub wave 4 before the last...
One of the top ranked coins according to CoinCheckup.
It retraced just below the .618 and looks like it's an impulse wave2. Should be an easy 20% ST and much much more if LT if one was to HODL it.
E-Wave asserting its presence here as we move beyond corrective wave C and enter continuation wave 2. Look to S/R (blue) for trend confirmation.
Look to commodities for more insight.
ETHUSD update: When the day to day momentum dries up as is the case with these coins, it is always helpful to zoom out. This is where Elliott Wave offers a lot of value because it shows us where we are on the bigger picture map, and most likely where this market is going.
People give Elliott Wave a hard time because they expect precision and that is not what it...
The S&P has been relatively predictable when applying some Elliott Wave Theory principles. While we are in the final stretches before we hit a major correction, a smaller one is on the horizon. The pull back will not be much, but jockeying for position is not bad.
The index should find a top around June 14 around 2791.91. This will be followed by a drop over the...
