Bitcoin: An alternative Elliot Wave Count
Bigger time frames today in Bitcoin/USD
Alternative Count: we're at the wave (v) of the MV of a superior cycle wave.
Let's zoom in in Bitcoin/USD
Prior count is still valid. If wave 1 floor holds, wave 2 can have a 100% retracement.
Conclutions
Looking at daily charts is needed. The bigger picture suggest Bitcoin could make a triple bottom.
Also is it possible that we're at ending diagonal triangle which usually leads to a change in trend.
Full size charts: Open in new tab window
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Sellers have been pushing this down for weeks now. Chance bitcoin has bottomed is about 0%. We are going lower. Give me the panic and i flip BULLISH!
https://steemit.com/cryptocurrency/@heyimsnuffles/crypto-carnage-is-imminent-20180610t190128430z-post
I still think your chart is showing a fake breakout.
If you were buying, you need drag the price below the obvious majority of stop losses to take advantage and build your position there. (assuming you're a whale)
Following your analysis, if that is a bearish pennant (huge) is pointing out to scary LOWS of 3k
My buy spots are 4400 and intoned the low 3’s where my major support is. :)
Didn't expect this massive 9% dump. Hopefully this flushes out the weak hands and sets us up to finally end the this correction.
We just got a huge red hammer
Hope this correction ends soon and crypto starts a new bull cycle. Is funnier to trade bull runs and the overall sentiment in the platform will improve a lot.
Thanks for your support morseke!
That is a really good point. Sentiment is positive in a bull and there will be many more people in the market and more opportunity to help people in their crypto investing. Here's to a bull market soon for your continued growth and also all of our portfolios!
I'm missing your posts again. Hopefully you'll be back soon. When you are, can you please do an analysis on Gold in USD? Haejin is claiming we are in an extended 5th and gold is going down to $600 or as low as $286 I think.
I am so impressed by so many flowers that you feel like friends are saying
Great analysis...what's the significance of a triple bottom?
With each confirmed bottom it increases the confidence that the bottom will hold. In other words, it becomes a stronger resistance level and more difficult to break below it.
Thanks @morseke1.
I don't find out the real reason of unmatch between charts and cryptocurrency market