This chart goes out to my Brother FEEJ, who is an accomplished chartist/analyst himself!
The A,B,C,D,E correction is a powerful elliot wave correction, and if identified early, it can be fantastic trading! Also, it can be an excellent buying opportunity at the end of the "E" wave completion!
I consider myself a "channel" expert with many years of studying them and using them, and I don't typically offer a lot of instruction with them, nor do I post them too much. But, here would be a small sample of how I use them.
Regarding Elliot Wave, so far these two large corrections are too similiar, and thus, they cannot be counted as a 1,2,3,4... In my...
Continued from the Daily 233 day moving average, and as we translate that moving average to the weekly, we can now see the future significance of the price as it pertains to the weekly.
Currently, the 233 weekly moving average has a price of 2830, so that is where the lower channel line gets placed, at least in my world, and the past price history (overall)...
This is part 1 of a 2 part series.
Originally I posted the weekly 200 day moving average, and while I questioned a "bottom", I mentioned it was, at a minimum, good for a bounce. So far, that's been the case, but I believe the 233 has more significance than that of the 200, and you'll see it also in the weekly chart.
I believe the simple moving average starts in...
Bitcoin is currently in trouble, and while my charts have leaned positive and bullish, you should know that I do NOT own BTC, and I haven't for almost a year now. For me, I remained bullish because I wasn't sure which degree wave 4 was in 'play'. I believe I have my answer. Those close to me, know that I have held this position since January 2018.
Many of you...
Over the years, I've seen many triangles, and often times price will initially move out of the triangle one direction, only to turn around and rocket the opposite direction. Could it happen here? We'll see soon.
If this count holds, I'm anticipating today's price as a wave 3 low, with the counter trend wave 4, then a "jab" lower for wave 5.
I call this the "oval" or "egg" correction. Any movement lower and outside of the oval would, to me, indicate the correction is NOT over and it may experience much lower prices. I believe that current price is at it's most critical point, and maybe into next week as well. In my opinion, 7450 is a critical price point, and I'm looking for Bitcoin to re-establish...
The long and grueling correction that has more than "chewed" up the clock and price is nearing a turning point. This count is much easier to count and realize vs. Bitcoin, and remains a favorite of mine to follow. This is the spot to place your bets, especially when few are expecting it.