MiketheN00B

MiketheN00B Updated 

My count had to be updated... (I have changed the violet wave count adapting it to the most recent price action). I believe this recent shallow correction was just a lesser degree wave 4 of the 5th wave (violet count) of wave 3 (yellow count). Fib extensions seem to confirm that we have reached the end of a higher degree wave 3 (blue) - reaching the classical...

MiketheN00B Updated 

Some areas I’m looking at. All based on Elliotts principle and Fibs (retracements and extensions). I’m betting on a significant drop. The question is: how low can it go?

MiketheN00B Updated 

Self Explanatory LPS should be named LPSY (my bad :)

MiketheN00B Updated 

BTC keeps escaping my "correction ideas". This time, however, it did so with very low volume. On top of that the Pi Cycle Top indicator (green line crossing the orange line - cross marked with the red X) is predicting a local TOP. I'm looking at up to 68k before the correction takes place. From the Wyckoff's perspective, this could also be a UTAD structure (a...

MiketheN00B Updated 

I have to update the Wyckoff Structure now that it developed more. This distribution has a target that lands exactly at the 0.382 Fib Retracement level (perfect for a typical Elliott’s wave 4 correction - Yellow dotted line). It also, so far, mimics precisely the same type of sloped distribution seen in Aug-Sep 2020 (wave 2). I’m not sure if it can reach its...

MiketheN00B Updated 

Check my other ideas related to the bigger picture of this structure

MiketheN00B Updated 

Check my minor Wyckoff structure idea inside of this one.

MiketheN00B Updated 

Nice triangle and is being properly respected. Could, of course, go both ways. I bet on the drop.

MiketheN00B Updated 

As was stated before, BTC seems to be aiming for one of the previously mentioned typical (for wave 4) fib retracement levels. Wave 4 seems to be unraveling in a form of a complex WXY correction with a Zig-zag-any three-expanded (or regular) flat. Fib extension levels, 1.618 in particular, targeted by the flat formation are confirming the previously calculated...

MiketheN00B Updated 

- Wave 4 usually retraces to the level of the lesser degree 4th wave correction (gray line) - Wave 4 usually retraces to the three fib levels selected - We are witnessing the 4th wave of the cycle, because we have just completed the 5th wave of the 3rd wave of this cycle. Can the big bucks and institutions soften this correction? They did so with the last one...

MiketheN00B

Typically, according to the Elliott's Wave Theory, wave 4 corrects to the correction level of the 4th wave of a lesser degree. We should reach the level of previous correction (it was the 4th wave of the 3rd wave). Wave 4 is also known to correct to around 50% (0.5 Fib level is exactly at the point of previous 4th wave correction). Corrections also tend to stop...

MiketheN00B Updated 

Looks like a Elliott’s double zig-zag corrective pattern to me. WXY where W is the first zig-zag, X is the 3-wave connection in a form of a zig-zag too, and Y should be a similar zig-zag bringing us to the confluence of the: - 0.618 retracement of the last swing low (preceding this correction), - the 50 Day MA and - the expected target for the already...

MiketheN00B

First of all, these corrections are incredibly important and healthy for the overall trend. Without them it would've been over already. I'm happy it happened, I was getting worried about the overly parabolic nature of this bullpen. I'm on the sidelines for the moment waiting to get back on the BTC train. This is my chance it seems. Fingers crossed. WHAT I HAVE...

MiketheN00B

I was playing with Fibs a bit and was surprised to find these extensions while marking some old swing lows and swing highs. I'm sure this current rally is far from over but it's interesting to see it stop at that exact level. Were people actually predicting the top there? I'm a noob, don't use it as an advice!

MiketheN00B Updated 

I wanted to direct this to the more experienced traders around here. I have spotted a DAILY CHART fractal that is the exact copy of our current WEEKLY CHART pattern. The RSI is the exact copy as well (matching values and pattern). Our weekly candle corresponds to that from the 12th of December 2017 (daily chart). Fundamentals seem to be quite similar too. BTC is...