This is a short term look at a small leg of BTC. This is an elliot wave break down of BTC over the short term. I expect BTC to test the restistance speed arc's and in time break the preliminary support of the last decline. I have not drawn a declining 3 wave correction after target completion - as I don't intend to support a scalp on this position.
Generally with BTC this far off of an all time high, I don't recommend scalping the coin, but if one must the analysis here should give good stop limit targets and should allow a re-entry upon the start of the 3 wave corrective action.
Kommentera
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It appears as though wave 4 (pts 3 to 4 above) will probably reach down to support. It already blew through what was resistance at 11764, but thats OK. It didn't trade on that channel to build an upward support (supports are off troughs not peaks) and so I expect as it reaches down towards the 11.2k line, it will find support from buyers, it will accumulate - and we will begin wave 5.
Typically with such a long wave 4, and sharp wave 4, wave 5 is expected to be a powerful impulse wave. If you're scalping BTC right now (remember I don't think this is a good time to try and scalp BTC) then this is a great buy signal, as we know the EW #5 is coming,
Kommentera
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As pointed out below, we have moved past my prediction (thats right! I'm wrong!) and my subwave analysis DEMANDS a recount.
This friends is the most important part of trading and analysis, being willing to see you're wrong, take it, move on, learn, and reapply.
I'll muck up another ugly looking chart soon and we'll try again :)
WTF is happening with the price, is that normal ??
i am confused :(
thought it is going to 14k before bull again to 8k or 5k.
following the price chart i dont know where it is heading ?!
anything new ?
blessmywork
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@braingsteel, Yes my friend, I have a whole new post on BTC... I'll go ahead and update this Idea for you... but you should check the newer idea -- which shows its going down hill
braingsteel
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@nukenowakowski, checked it now
Thanks alot
blessmywork
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@braingsteel, No problem. I'm sorry my analysis didn't cut closer. I'm working to keep my ideas as up-to-date as possible. If you have another eyebrow raiser, please comment back and I'll make sure I shore up any confusion.
Even more important, if you think I'm wrong -- let me know, we'll see if my idea is broken, defensible, or just needs a tweak!
braingsteel
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@nukenowakowski, i will, thanks for your time
BitcoinGazete
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Is there more prediction
blessmywork
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@BitcoinGazete, Its coming soon.. I'll post it as a new idea... I'm working on the chart now.
blessmywork
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@oOTradingOo In the spirit of your comment, I thought I'd at least give you a sneak peak at the new charts beginnings. I've been self-arguing for awhile about the corrective structure, but I don't see much evidence that this is wrong.
blessmywork
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@nukenowakowski, I just don't like having C go so far below wave 4. Thats just a-typical. So I'm pouring over having c end where A is ... just feels to quick on the timeline for that to be the case.
oOTradingOo
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This recent downswing invalidates the count as Wave 4 cannot retrace past the top of Wave 1. If you try to pick out the larger waves first I think we are in Wave 2 of the new cycle, where you have put Wave 3 point I make that whole move Wave 1, which means I expect Wave 3 (often the most powerful) to be forthcoming soon.
i am confused :(
thought it is going to 14k before bull again to 8k or 5k.
following the price chart i dont know where it is heading ?!
anything new ?