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RE: BTC update 25.09.17 - proof for all the non believers that EW does indeed work...
Nice analysis! I truly believe in EW as well!
I have a question, so are you bearish even with MACD at so oversold levels and about to turn up?
MACD is a lagging indicator, which means it can turn up slightly and prices still fall. Then a day later it turns bearish again. Perfect bulltrap. I would not use it as an entry indication. If I am wrong, there will be at least a correction after the those five waves up of today.
Thank you for your comments. A lagging indicator that shows deep oversold levels can say that while price can go a bit lower, it's not time to be selling but rather time to be buying. That combined with EW, entries can be laddered.
Let see which one of you is right hehe
Currently still in consolidation, we should see a move soon.
Haejin but if we see the weekly MACD we are heavily oversold... I am not sure what does that means... Im new to trading
Will udpate the macd weekly tonight.
So it looks like a drop has started, can you estimate where we could go?
Yesterday you were talking about a 120$ drop, still correct?
Drop has not started yet. I will make an update when there is something to talk about.
He says upto 2500