10 reasons why you should own Bitcoin! Sell your camel now, or you will miss the moon trip! Insert no clickbait title here! Views, views, likes, likes!!
Alright, back to the things that matter. Complex waves once more on Bitcoin, she is playing difficult one more time (yes its a female, its obvious). The majority of the alts have already started their first impulsive waves up and showing a potential reversal. We all know that the profits from the alts eventually move to Bitcoin, just like fuel for another run.
So, what do we have this time? A nice big and boring triangle B. Low volume: Check Volume decline: Check High Volatility: Check Boring action: Check Moon potential: Check Trendline Denial: Check
Use it or lose it.
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Catching knife 101. Its not magic, just use your fibs. Also mini 4th has probably a little more up trend (?).
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It can still be a normal abc B, but i lean towards the triangle because of the volume. It wont make a difference to the average eye, since E often falls short.
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I think its missing a little something. This is on Bina. It can still go to 8k, but i believe we will see a bounce soon. Volume slowly appears.
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Always ladder your entries, we dont go all in. Sometimes i do, but im not a good example...
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There is no visible DIV on the 15 mins. This is the alternate count for the 8k.
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Laddering to 8k or entering on a break out. 50% in.
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Seems like the market likes the 8k scenario. This is why we dont go all in and always ladder. In case the count is wrong, you exit with a minimal loss and re-buy lower. If the R:R ratio is good of course...
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Personally im not worried about the sell-off. It probably triggered lots of stop-loss from triangle traders. We have 2 options here. Wait for a potential bounce and sell for a minimal loss. And after that, we either buy lower, or slightly higher on the breakout.
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Its showing some stregth here, if this not the bounce, its slightly lower. Decision time! Also, i will re-adjust the targets on the main idea once we confirm the local low ( and the count probably).
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Greg approves, I will take that as a confirmation. Check his idea if you havent already!!
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If this mini 4th its a triangle. The impulsive waves will end with a harsh sell off at slightly lower levels. Ladder the buys, if you expect to catch the perfect bottom you will miss and buy higher on FOMO.
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It still looks like a triangle. But we dont know if its the whole 4th or B of 4th, either way it will choose a direction soon. If it breaks down, its targeting the extreme of 7678 area.
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We should have a short term bounce soon. If 8k doesnt hold, this is the worst case scenario, imo.
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My order got filled at 7902 on Binance ( the rest 50%). This is not the bottom most likely, but i will play the bounce.
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If you wait for too long, the chance is gone. PUMP IT!
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We still dont have a reversal confirmation. Its approaching the first resistance both on price and hourly RSI.
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Maybe its missing a little something, not sure.
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There is no need to be upset. Trendlines and triangles are meant to be broken. Elliott Wave and Harmonics traders would probably be half as good if there any Trendline-boys and triangle traders.
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if there werent*
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Also, please dont follow my trades. I play the bounces because i know the risk involved in the trade. If you dont know the risk dont follow them blindly, its the worst thing you can do. I maybe be out of the trade or jump in and out to an altcoin without announcing it here. Wait for trend reversal confirmations to enter.
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There are many reasons for the price to hover around this levels. Its an obvious point of attraction. Many fib supports + resistances, price action between the trendline and MAs, a nice round number of 8k and overall uncertainty in the market. It can honestly go either way. The very few will decide to trigger the stop-loss or the stop-buy of the rest. My bias is that it will retest the 96xx levels in the next hours but it can also go up. Sit back, exit your positions if you are not sure and enjoy the rest of the day and then enter on trend reversal confirmation. Its that simple.
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retest of 76xx , sorry for the confusion.
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Let see how high can this mini bull run go.
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If it doesnt breakup on the 8.4k area preety soon this is gonna be the target in about ~12hrs.
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There are also some fibs at 75xx. Pretty extreme but, extreme = normal on crypto.
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2 more waves. Still bullish.
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I think that both BTC and LTC are done with their 4th waves, one more left.
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Alright, this is it. The very last defence for the bulls. This is an EXTREMELY RISKY trade. We ladder both on the way down (even below the fibs) and on the way up, for averaging. Dont take the trade, im just sharing how i approach it. If you dont know ther risk involved wait for trend reversal confirmation. Many stop losses are gonna get trigger around here. The count can be wrong and we go way down.
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This can still be part of wave 4. It didnt hit any any fib levels surprisingly which makes me lean more towards that. Bullish confirmation is not far away from here so i wouldnt advice buying now if you are on the sidelines.
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Going up for the E, breaking RSI support signals the begining of the last wave down.
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I cant see 5 clear waves down yet so this is not the bottom. I expect some short term uptrend to 7.7-7.8 and retest of this low for a double bottom (or slightly lower). If the lower support at ~7.3 breaks we are going way down.
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Just like Greg posted, im still bullish on this. This is the advantage of the EWT. When others were calling for moon mission, we were expecting a deeper correction. Short ideas will dominated the trendings. It doesnt matter, back then there were only longs. The lower it drops while the scenario is still valid, the better the risk to reward ratio.
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Bulls are slowly getting control here, but the bear is still alive. Look at your favorite exchange for the demand on 7.3-7.4 . The come back and tell me its dropping to 3k.
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Price is stabilizing on 15mins. BB squeeze in the next hours and ALMA(55) is catching up the price action.
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Sorry everyone, I failed the count on this one. i cant check for alternatives but here is my back up count.
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I dont have any update for BTC, i want to see it make a move before posting a new idea. Levels to watch for now:
Upside: 7 and 7.7 Downside ( if 6.4 was not the bottom): 6.1, 5.8 and 5.4
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If you are trading this, its currently at a very tricky spot. I think its a leading diagonal, but it can also be the famous Bitcoin's "leading diagonal" B wave aka some kind of triangle B.
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So far so good. If those 2 levels hold with a 3-3-5 correction, i was thinking of posting a short term idea.
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There might be some chance for a bounce here. DONT trade it, its extremely risky.
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Bear hunting time.
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Here is a little tricky for those of you that are bearish and expect "Soros to make you rick by shorting Bitcoin". Would you go long or short here?
Oh BTW, news ALWAYS come just before the final move.
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trick* rich*
Got very excited for the upcoming bear hunting. :)
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Personally, i think we are already at a bull run. Im aware of a few alternations pointing lower at 5.8 and 5.4 levels, which are reasonable. Im trying to adjust my main count which pointed the Y at 5.8 levels ( but bounced at 6k because its a nice round number) so if you have a REASONABLE count which meets the RULES and more spesific FIB RELATIONSHIPS, fell free to post it below or pm me directly and i would gladly take a look at it later today.
Saying that it will go to 5k or 3k without meeting the rules then im sorry, but i cant take you seriously. You are simply biased and a news-trader.
Here is one alternative that i have posted above ( very old one, it was on one of my first SERIOUS ideas), check the bounces once it hits the 0.618 proposed fib for the Z.
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For example, here is a friend's idea using a variation of the classic EWT, Elliott Wave Harmonics. Im not familiar with the rules but its something i have an eye on. <deleted>
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And some potential bearish alternatives i have on a private idea. <deleted>
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If you are trading this, there is a kinda high chance for finding resistance around 6.9-7k and retracing to the low 65xx levels.
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There might be a last push upwards, but i dont see it going past 7k in the near future, its a bear territory for now.
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Unfortunately, there is not much room for an uptrend at those levels. Expecting a retracement of 200-300 $ during the next couple hours.
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Take cover! Yes, its a 5min chart...
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It probably has more way down. This little 3rd seems incomplete ( double bottom or red target).
I know that this post is kinda log and the idea is way off. I will come up with a new one just need some validation points.
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Till then i will be posting updates here to spam your feed and make your life harder by scrolling lower, huh.
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Count invalidation. When moon sir?
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Be VERY careful if you are trading this. IMO its too late to jump in. As mentioned few days ago the targets on the upside were 7 and 7.7 . The theorytical max is 8.2 . You can go in for a trade but understand that this is not a safe trade zone.
"yes its a female, its obvious"........ahahahahahaah very good LOLLOL.
My though in ETH.....BTC I not try post any count until have a certain idea of what is doing.
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@FilipeMiguel, I havent check it for a while, will take a look and post an update on my idea soon(tm). Looks good so far, if its a triangle it should start with a small 1-2 wave and massive decline on the 3rd, or insta decline.
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Hi Mate, was wondering what your thoughts were on APPC (if you have time of course).
I'm thinking it might be ready for a pump.
Grateful as always :)
Acel
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@kitkat16, It seems like it has found bottom and it has completed its first 1-2 and now going for the 1-2 of the 3rd. Check if it has a 5 wave structure up (curently missing one more mini 5th) and wait for the retracement. Trade it with a stop loss and always keep an eye on BTC. Im not a fan of low market cap ones since they bounce a lot and when Bitcoin's movement is uncertain they are even more risky to trade.
Its dependant on Bitcoin. I think BTC is bullish but it will bounce between the 6k-8k are the majority of this month. There is also the chance of going further down to 5.8 or 5.4 before some form of reversal.
Good luck!
Acel
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@kitkat16, But, keep an eye on it! Alts are slowly pumping, this is a good target by May 25th. Set your alarms for a move during the next hours/days!
kitkat16
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@Acel, you are the boss!
Where would you recommend learning stuff? You've learned so much in such a short space of time.
Any suggestions?
Thanks again
Acel
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@kitkat16, I think @philakone youtube video tutorials are great for a beginner ( i have watch very few of them and very fast because i already knew some staff). You can also read some books ( they may be be boring at some point) like 1) Elliott Wave Principle: Key to Market Behavior and 2) Visual Guide to Elliott Wave Trading.
But the most important one is PRACTICE, i cant emphasize this enough. Bitcoin is very weird after the last decline on the 11.7 area so i wouldn't recommend it as an example. But, the bounce from 6k to 11.8 is a great example for some different counts which all of them can be correct (it also has some less common ones happening).
Practise!
darkandblue
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TA aside, I think we really need proper lower lows for enough momentum.a rebound from 7.6 will not give us that. Hope we go to 7.2-6.5 range
Acel
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@retiringsoon1, wait for it. They are preparing the good news. There is one more test coming next month, 70% certain.
My though in ETH.....BTC I not try post any count until have a certain idea of what is doing.