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RE: BITCOIN, LITECOIN, CRYPTOS: VERY IMPORTANT MESSAGE
haejin..i wanted to get your opinion on an alternate count I have for BTC..If you zoom out on the 1 day the volume completly surpasses the volume of the previous moves..from what I've learned from EW..this means that this will be perhaps an extended wave 5 to your 7000-9000 level, or this may be wave 3 of 3 starting which will take us much much higher...since wave 3 is the strongest I'm paying attention very closely to how this proceeds but IMHO this may be wave 3 starting instead of wave 5...wanted to get your take on this ..thanks for sharing your counts..cheers
If you review my past analysis, I almost always show an extended 5th Waves. This is not like stocks that extend the 3rd. It's more similar to commodities which also tend to extend the fifth.
Another common occurrence in cryptos is the expanded flats which is a bit u common in stocks.
Much appreciated friend...here is another one of my alternate counts which looks to follow all of the EW rules...Wave 2 sideways ABC or WXY depending on analyst..and then a sharp wave 4 alternation. Might be we correct a little further and then make new lows...please let me know your thoughts on my photographs as well..cheers
It's a good count and valid. For EW, there are many ways to count to the same end. Your (A) could equal my first Wave IV potential stop (C?) of around $3,000 which we pretty much recently hit. Your (C) coincides with my second potential for the Wave IV bottom at around $2,000, labeled as (C??).
Here is my same count but in a log chart and is significant as it won't allow as many variations in EW counts and the price goes from BTC genesis. So the ABC could bring it to about $240.
Or this could be another count with Wave IV as an expanded flat which I'm noticing to be quite common in cryptos (unlike stocks). Wave 5s on daily are frequently extended but not so in sub daily charts. So if Wave V becomes extended in thsi log chart.....$27,000...why not? Let's see what happens.
Very cool stuff haejin..Thanks for responding..don't know too many other people on social media that follow and actually use EW..cheers friend
Haejin...I don't like the volume falling off from here and no follow through...It's starting to look corrective to me instead of a new trend...I'm thinking it may be an ABC with B now forming an extended flat which you said you see often..interesting..it's unfortunate because i was hoping that would be it for the downside, but we shall see my friend
It will be a correction. I posted an update.