Is Bitcoin completing a 5th wave or will it fall short?
Plotted this yesterday afternoon and woke up to find $BTCUSD playing nicely right along my lines.
Overnight she bounced right off my 4th wave prediction, which makes me quite happy as a brand new trader in the space.
Now, we wait to see if my 5th Wave is completed, or whether BTC takes a cue from my $LTCUSD analysis and comes up short for a nice ABC correction over the next few days. Will be watching other indicators to see if they mimic the volume and strength trends LTC showed last night before it dumped.
I have built a small practice position laddering down from $11066 - $10895. If this wave pattern holds, I'll look to take profit in the green box. Stops are conservative, but have room to breathe.
Short Term: Bearish
Mid Term: Neutral
Long Term: Bullish
I think we are seeing a healthy dose of reality in these markets since the ramp up to $19k. As BTC becomes more accepted and ubiquitous, it will start to churn more and more and act like traditional markets, but on a 24/7 timeframe. This is good.
This is purely for my own education. I am very new and learning. Do not take this as advice or anything other than practice. Please feel free to let me know what you think. Any constructive criticism is welcome!
- Foul Mouth Muggle
Overnight she bounced right off my 4th wave prediction, which makes me quite happy as a brand new trader in the space.
Now, we wait to see if my 5th Wave is completed, or whether BTC takes a cue from my $LTCUSD analysis and comes up short for a nice ABC correction over the next few days. Will be watching other indicators to see if they mimic the volume and strength trends LTC showed last night before it dumped.
I have built a small practice position laddering down from $11066 - $10895. If this wave pattern holds, I'll look to take profit in the green box. Stops are conservative, but have room to breathe.
Short Term: Bearish
Mid Term: Neutral
Long Term: Bullish
I think we are seeing a healthy dose of reality in these markets since the ramp up to $19k. As BTC becomes more accepted and ubiquitous, it will start to churn more and more and act like traditional markets, but on a 24/7 timeframe. This is good.
This is purely for my own education. I am very new and learning. Do not take this as advice or anything other than practice. Please feel free to let me know what you think. Any constructive criticism is welcome!
- Foul Mouth Muggle
Trade active:
Initial count was wrong. I think we have now seen "A" on an ABC retracement pattern that will finish the Elliott Wave around the .618 fib retracement line.
Comment:
Still tracking. If the bottom drops out and C fully extends to 1.618...$BTCUSD is off to bear country.
