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RE: Bitcoin (BTC) Morning Update: Head & Shoulders Combo
Not every market moves in impulse waves on a larger scale, but the alt coin market in particular is likely following this pattern (it is also potentially not, sure). You're right some markets are down- trending on a larger scale, others are consolidating, the crypto market is up-trending and at a rapid pace.
So what is the usefulness of pure reliance on elliott then because it cannot identify a reversal of larger uptrend into a larger downtrend. As I said it works as long as it works.
I'm not a pro level Elliotician so I'll comment as I see it.
It wont identify the reversal in this case as it's not technologically complete without further option. So the benefit of Elliot anylysis here is to keep you informed that there is potential to fall and a break point where it will stop being a problem.
For this reason I find the Elliot chart pattern combo a nice tool to add to the TA.
Pure reliance on anything will eventually fail, just like my boiler come winter.
*edit *
Sorry for some reason I thought I was replying to a reply and jumped in the convo. I'll leave it here as I still think the answer is relevant.
We don't have a larger downtrend yet.
We had heavy dips every end of year since 2015, and we had large downtrends for a few months, following after a short rebound, but this time we may just see a slow and constant rise... in the sense that we smoothen out the really crass volatility because so much new money comes flooding in.
If this came true and there were no crazy rises either, bitcoin would be at a reliable 16.5k around end of February without lots of volatility - just to supply a third scenario between the "all is lost" and the "to the moon" ones.
That is exactly what I thought. What if BTC got stable between 10 and 12k? Oké a different pricerange but the same principle.
You mean forever ??? That would be catastrophic for most here, who always hope for the big hit that somehow triplicates their money... however it would be wonderful news for day traders