So the Elliott wave shows itself again :p
There was a massive spike and what a surprise, the top was EXACTLY at the 1.618 level (4500). I kinda wished I had my sell order at 4500 simply because it would have been badass to sell at the very top.
However, I think it still has some more steam in it. As the 4th correction wave often doesn't overlap with the 2nd...
So after the textbook wave 1 (red line to point 1), which consisted out of 3 little waves (blue lines), there was the expected correction.
However, instead of the typical elliott wave correction there is a falling wedge in an uptrend, which is a bullish pattern. I am pretty sure traders are not going to let bitcoin fall below 4300. And the order book confirms...
Now it really seems to have completed the first leg, because the leg itself consists out of 3 waves now (blue lines) and it seems to be going down quite fast.
I got in too early (stupid mistake, should have waited for the 2nd push up), but I can probably still make a nice profit if it goes down a bit more.
My target is around 4340, if it bounces before it...
In my previous chart on TVC:USOIL, I forgot a general rule of the Elliott wave pattern: wave number 4 doesn't overlap with wave 2.
Well okay, it overlapped slightly... But as soon as it did it jumped up. It seems like wave number 4 is completed and we are now moving up again.
I'm hoping the price still goes down a bit so I can get a nice entry, otherwise, I...
BTC is moving incredibly fast. It seems to have already completed the first leg up. Although it could also go up a bit above point B, so I wouldn't be surprised to see ~4380 tomorrow morning.
However, I already got my first short order filled at 4310, which might have been a bit too greedy, but it was a small order and I have additional short orders all the way...
if it keeps following the elliott wave + fib lines so perfectly we might see it come back down to 4200 and then even higher, 3rd leg is often the biggest one. :)
I'm not sure if I will short the leg down as you never know with bitcoin ... But I will for sure buy the dips!
Good luck ;)
See my previous chart for an amazing prediction :p
BTC still following the Elliott wave pattern, going down for point C now..
When it gets to 4150 I will start building up my long position again.
Bitcoin's price is purely driven by market sentiment, which makes me believe it could be moving in an Elliott wave right now.
From wikipedia: The Elliott Wave Principle posits that collective investor psychology, or crowd psychology, moves between optimism and pessimism in natural sequences.
That is possibly the best description of BITFINEX:BTCUSD ever :)
Every time I see a BTC chart with a shit ton of weird indicators I have to laugh. It is really not that hard to see what is going on.
The big triangle of September has been broken, but once again bitcoin is in a rising wedge. To me, it seems too risky to hold BTCUSD tonight, as it could potentially resume the downtrend when it falls through the rising wedge....
This will be a very interesting week for BTC . Since the all-time high, it has been moving in this falling wedge and it cannot seem to break the trend line .
Now a falling wedge is generally a bullish sign, and I've noticed that with bitcoin , it seems to always have a textbook breakout on the side you expect to out of these flags / wedges . Perhaps because...