BITCOIN (BTC) Update: Elliott Waves labeled
I believe the current bounce is just that, a bounce and probably not a trend change. The waves (i),(ii),(iii) are in with wave (iii) subdividing nicely 1,2,3,4,5. That means the current bounce is wave (iv) and once it is complete, another lower low with wave (v) is expected. The bottom of this wave (v) will mark the a (red) wave which will be followed by a sizable bounce for the b (red) wave.
So, is it worth a trade to catch the b (red) wave up? Why not? It could be very profitable! I'll keep posting updates and alert all for that trade potential.
So, wave (v) of 5 of III are in and the top has been placed. We are now well into the correction towards Wave IV.
If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTC Wallet - 19gHMJc9wi9KkP47wokz8y4cFNgz1kAAUE
ETH Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
LTC Wallet - LU1mEw1LHvffoWf9VDEVdP7Day4jv6VLqu
EOS Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
I would count it differently. Still white wave (iv) in my opinion, with an overshooting wave at alltimehigh
Yes, there are 36 possible corrective counts. On waves 2 and 4, it's almost impossible to get it exact. The exactness isn't important. What is important is that the bottom of Wave IV isn't even close and the correction just started.
I see now. Yeah, it's possible. But as Prechter often says, possible isn't same as probable. But then again, he has "prechterized" so many subscribers money to dust! Made some awful calls!
Also, as we know, EW is an art, and probable is in the eye of the beholder.
I believe BTC correction has started and III is in. In my earlier blogs over the weekend, I too thought there was one more push left in BTC to newer highs.
Yes it really is an art, and we will probably see by the end of tomorrow. If BTC is not 300$ higher then, I am wrong about this anyway.
I've been posting that wave fives as profit taking waves. So, even if it has one more possible push, it would be to sell into it. Also, daily MACD is in free fall.
I go by the old Wall Street saying: Better to be out of the market wishing to be in it than in the market wishing to be out of it.
Good discussing with a fellow EW tech
This might help also my reasoning:
https://steemit.com/bitcoin/@haejin/my-response-to-jamesbrown-an-ew-counter-s-response-to-seasoned-chartist-s-blog
you missunderstood me. I dont mean wave IV. I mean wave (iv) of III being over soon (running flat), pushing it to new ATH soon.
I think I now understand. I labeled wave (iv) of III as an expanded flat (square in chart). It fit well in form. These are not common in stocks but heck, I'm finding it in coins. Also, tons of extended 5s!
So you're expecting a direct down without further (b) bounce
No, I'm expecting new alltimehigh this week. Wave 5 of white III next
Agreed it's a bounce, no way this broke the trend.
Xmr update?
Thanks!!
Here is the XMR update: https://steemit.com/bitcoin/@haejin/monero-xmr-update-one-more-wave-to-go
Ever since September 2nd, BTC and BCC have traced almost the exact same pattern of waves.....just FYI for seeing how they are going to play together.
This goes to the phasic/non-phasic cycles between coins.
Thank you @haejin! Really enjoy your posts. Learning and earning a ton!
Love buying this cheap bitcoin.
Anything on Hcash or Bytom? I know they are currently undervalued. Made some money on Hcash and WTC fluctuation. But I do expect some massive gains after dropping 3-4 times in value. I fear they'd stay low for some time. But I also thing they will be moving up before BTC hit bottom.
I can't find HCash. Can you post a link? Here is Bytom:
Thanks for the info. You can find Hcash in https://www.binance.com It's got 0.1% fees for trading. Official Hcash website is https://h.cash
It's a clearly undervalued product at the moment.
Thanks, will check it out later
Ty
@haejin I am still waiting to sell. Where is the approximate top of the bounce?
Thanks.
PAY update pls, Thx ;)
Is it only me, or I see a cup and handle forming in the BQX chart letting wave 3 to go into move?