BITCOIN (BTC) Elliott Waves Seem So Complete! What does this mean? Here is the chart...!
SUMMARY
The Elliott Waves just seem so complete! It's Uncanny!
No, I'm not being wishy washy! The waves just seem so complete as 5 of (v) of c (circled) of B (red). Let's watch with care!
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BTC Wallet - 19gHMJc9wi9KkP47wokz8y4cFNgz1kAAUE
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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.**
The technicals indicates a drop, but people selling their Bitcoins right before a fork just don't make much sense. It went to as high as 5400, that wave looked pretty impulsive right?
Impulsive, yes, be remember that it's at the terminal end of an impulse which consists of five waves. So, if currently finishing wave 5 of (v) of c of B; then it could be ready to turn. Why? After every set of five waves, there is a requisite three wave a,b,c correction.
I gave up trying to tie fundamentals to Technical Analysis. Soley rely on TA.
Fair enough, thank you very much, i log the chart and my apex gets right at the time of the fork, for the record my primary count is still similar to yours.
The apex came at about October 26th it is very tempting.
So are you selling?? Or are your btc on an exchange with sell orders if price drops?
Neither. Just watching carefully.
So what do you do overnight? Wait and sell in the morning (if you are going to sell) or do you have sells set?
I cast my ladder overnight for buys or sells and often get a few rungs filled! The same for day. I cast it and walk away.
Consider risk reward. If it continues up, how much? Likely <<10%. Downside may be 50% or more. So either sell or set stops if you are not able to quickly respond to price movement.
But that still involves thinking of price movement. My biggest mistakes have been selling cryptos! I need to be happy it’s the right time. The only reason to sell is to buy back at cheaper prices!
If you made a profit, it was a good trade, even if you left some money on the table.
Also, I would suggest that another reason to sell is when the likelihood of higher prices is low.
So, out of Bitcoin. But are you also out of altcoins too?
I started with cryptos in April. More than tripled my total investment before the summer correction. Started moving back to cash progressively before the correction started 25-50%). I STILL lost about 40% of my total portfolio value. My lesson is, protect your profits. Get them off the table early rather than late. There will always be another opportunity, and the one that comes when BTC is under $3k will be monumental.
It's hard to imagine, altcoins hold their positions while btc is crashing - even though that's something i would be hoping for....
Think we are in for a drop soon ?
Not sure. Watching carefully.
Not sure. Watching carefully.
Look out below on that one if your count is right.
A 5 wave C pattern can be painful.
Or REALLY profitable if you're doing it right!
I never short BTC. I know a guy who lost $300k doing that!
It's really tremendously volatile. I would die of a heart attack and then leave my family broke.
I know a guy who made 90k the last run down. But yes, margin trading isn't for the faint of heart....or light of bank balance!
Grizgal, I would watch the volume, MACD, and RSI. If volume starts to sell, then that is a good indicator.
Maybe even put in a stop limit.
I am looking at good BTC pairs right now that are undervalued compared to BTC... BAT and XEM for example. I like XEM better as they have more product rolling out right now.
Just keep your options open.
Thanks for the tips. My problem is I just don’t have the time to research, chart, place orders etc. I need to either trade/ invest longer term or leave it.
Most of my coins are from mining back in the day, so effectively free (or valued at $3 at the time) so I have been in profit for almost 6 years!
Good.
Hey Haejin, thanks for the metal and the ARK analysis. any chance you could do one for Litecoin and Ethereum for long term?
thanks
Hi Nabes, Here they are:
LTC:
https://steemit.com/litecoin/@haejin/litecoin-ltc-shows-a-bullish-ascending-right-triangle-target-usd79-76
ETH:
https://steemit.com/ethereum/@haejin/ethereum-eth-target-usd695-by-mid-december-here-is-the-analysis
thanks again haejin!
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STOPhi Haejin, So you said you had sell orders at 52- 5300?? Can you post updates on which rungs got rung for you? Also, what is your primary count? The drop after these 5 waves? would BTC taking a turn downwards drag everything else down with it?
I had cancelled these yesterday evening. Right befoer I posted the All Time New Highs Dead Ahead post and announced it in there.
I will look to recast it but haven't done it yet. I'll update later.
My Primary count is still expanded A,B,C flat correction. Bitcoin could reach 1.236 Fibonacci retrace or slightly higher so $5500 or so. Maybe less.
Hello. Following Binance charts. Possible double top at 15min & 30min charts...