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RE: BTC – Elliott Wave, Price Targets, and Chart Patterns – PLUS: A Chart-Cast VIDEO overview!
Thanks for a great couple of posts on bitcoin. I’ve learned so much about EW theory through them. Question is what gives you confidence towards your primary count vs the alternatives? Experience, intuition? Thanks
Thanks for your comment @kywt! To answer your question: It's probably an intuitive "bias" to be quite honest. Another factor in selecting a "preferred" count (for me) is if it is in general keeping with the largest of long-term trends, which in this case remains bullish - for now. In truth, if one is careful enough, both the "biased" preferred and the alternate counts should convey a virtually equal confidence in plausible outcomes. I hope that helped.
Yes, very helpful. Thank you! Does fundamentals/headlines ever play into your “bias” when choosing the primary count or do you blank it out as best as possible and let the chart speak for itself? Also safe to assume, you have a long bias toward bitcoin?
In theory, all of the headlines and fundamentals are already factored into market prices. As such, the charts pretty much rule. Although I do not have a position, yes, I have a bullish bias in bitcoin simply based solely upon the long-term price action to date.
Thanks again for your time and response. Your initial blog got me interested in your alert services. I’ll be signing up for a month trial!
Great! Look forward to having you!