Bitcoin (BTC) Morning Update: This is ONLY a CORRECTION! A HEALTHY Correction! See how this correction could end in this analysis!
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SUMMARY
Bitcoin (BTC) overnight price action has revealed more evidence that this is a correction. As shown below, the blue b wave consists of clear three sub waves. Therefore, further evidence is given to show this is a 5,3,5 zig zag a,b,c retracement. I've added the final five waves of the blue wave c. Also labeled the subwaves of wave 3 of blue c. So when is the best time to BTFD? At the terminal end of an a,b,c correction. So, once price goes lower than blue A wave, consider BTFD.
The algorithmic power of combining Elliott Waves and Chart Patterns is immeasurable! Below is a probable pattern outcome for Bitcoin as an a,b,c,d,e symmetrical triangle.
Another likely patter outcome is a bullish ascending right triangle as shown below.
The video has lots more details regarding Centralized Exchanges vs De-Centralized Exchanges you might want to hear:
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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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.**
Whats your bottom target?
BTS is also traded on Binance. Great platform IMO.
Hey @haejin!
Where does it end?
So did wave c just finish? I was going to ladder back in, but I didn't. I'm being real cautious but my doubts push me to just buy and be over with it. I guess I need more TA to gain emotional maturity.
Sidenote slowly moving my cryptos to bitshares DEX!
To clarify I was referring to wave C in the triangle from the second chart in your post. Which I suppose to be wave 3 of the correction in your video. sorry I was going by the chart pics as the youtube video took so long to load.
Triangle pattern not confirmed
Thanks man!
You are very kind to reassure us so often. Thanks! On another note, I now see that the power of quality technical analysis such as yours is incredible.
I also learned that I should trade as if I was dealing with a friend's money. That way I am more inclined to take profits and keep my greed in check.
A healthy correction is always welcome in the crypto space. I wrote a post on my crypto blog about the Elliott Wave and refer to your Steemit account: https://chesatochi.com/elliott-wave-crypto-indicator/
Ty @Haejin! Great video
BTDD! Buy the Dip Dummy ;)
I'm leaning towards your first price discernment. Anyone have any response?
But why oh why healthy correction for BTC must each time mean eating away most of mid-term gains for alts. Geez.
See the forest
Oh I know Haejin. On logical level, I see it and it's quite clear, but on emotional level, my sight is blurry, my eyes are full of tears and blood :-DDDDD It's still MILES before I reach You garden of ZEN.
But I'll get there. Elliot Waves Principle will wait for me under Christmas Tree. I got it covered with Santa (Mum).