Bitcoin BTC Feb 19 Morning Update Technical Analysis - A Case of Two EW Counts
General tone. Indecisive Elliot Wave Count. I do not believe this is the end of correction
We hit a critical resistance. There are two counts of EW which of concern. We have not reached even 382 fib retracement, which would imply that if this is an uptrend, this would be an incredibly bullish market.
Long Term Bias (6+ months) - Bullish
Medium Term Bias (Next Week) - Neutral
Short Term Bias (Today) - Neutral
Long Term Target Prediction - Primary Wave 3, $35,000+ by 2019
Long Term Target Prediction - Primary Wave 5, $50,000+ by 2020
I would firstly like to state the rules of alternation, which summarized implies that corrective wave 2 and 4 have a difference in expression. Simply put,
- If Wave 3 retraces little we can expect wave 4 to retrace more.
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TY for this. I'm a large Bitcoin Cash supporter on Twitter. so I know a lot about the hate and vitriol you receive when they say "your messing with my money." I've learned if it is directed towards me or is just ad hominem or name calling. I just ignore it or respond with a peace love and Scooby snacks comment. if it does question my study or knowledge, Then and only then do I respond with facts and data and only if they are NOT my regular trolls. this helped me a ton in dealing with the hate. I also realized when I stopped calling out the trolls & fighting with them. my followers increased rapidly. I've only started trading recently because until Nov 12 2016 I was a Hodling Bitcoin maximalist.
I have found quite a few trading channels and you TEACH, for free, and also admit when you don't know or are wrong. Keep up the great work and know MORE PEOPLE will end up appreciating you than hating you. Oh and FYI I have never blocked anyone(except scams & spam) when you ignore them. most get bored and g away.
Thanks for the updates Philakone <3
what if the 3rd wave is not done....?
also because of same degree in the same channe ....
makes sense. Much appreciated!
you are a flipping machine!!! forget TA charts - you gotta tell us what you eat bc I want 1/10th of your energy.
Lol! I'm not even sure he sleeps :)
He eats cornflakes thats why hes so corny
Amazing TA! Always great work! You've been right thus far these past few weeks.
It's the 3rd day we're flirting the 55 EMA daily trying to break it upwards. The last time it took BTC around 7 days to test 55 ema for a final break down, so I think any break up will take another few days, which should allow time for correction back to at least the .382 levels.
This will be more "healthy" as an uptrend.... as compare to that "very bullish" scenario. I rather BTC raise up slowly with more support levels than a quick spike up...
Having said that, I measured it's a 1-1 ratio from the bottom 6000 to the current 11300 level - fit exactly forward waves up.... which can be either a 1-2-3 impulse wave up (to break above $12k in its 5th wave) or else all these are just a big zigzag ABC correction upward (the $5K scenario)?
Don't let the haters discourage you. I have lost quite a bit these last two night off shorting with the help of your TA. I def don't blame you, you have been spot on for months.
Great work, Philakone, as always. I am wondering, though: do Eliot Waves make sense in ALL cases? Can't what we're seeing right here be an exception?
upvoted, thank you!! :)