Hi everyone,
I've put together another two possibilities for BTC based on what we've seen in the past little while - one bullish and one bearish case, but both extremely dependent upon what we are currently doing.
This looks like BTC is forming a triangle at the moment (so far we've seen 3 and 3 monowaves for A and B, wave-C currently looks like it will follow suit with 3 and then D and E will follow). This is a very tricky count to make, because BTC is showing some signs of zigzags in this run up, but it also appears that it may be impulsive due to its strong similarity with Wave-1 impulse wave at the beginning of BTCs life.
If we are seeing a triple three, the correction for BTC is not over and there will be much more downside. If it IS complete, it appears that we may currently be in an extended Wave-3 and have significantly more upside before we correct for Wave-2.
Let's hope it's the second case, and I would love to see some insanely high price on BTC like $1 million.
This is the textbook sketch of a triple 3 correction, where the triangle actually acts as a reversal at the end of it, vs and continuation pattern on an impulsive.
gyazo.com/3c04d9d7fd...8922fcc22dcc6a652984
Triple Three Diagram borrowed from Glenn Neely's book "Mastering Elliott Waves" - it's a fantastic, extremely technical book that I highly recommend. Easily the best book on the subject and I can't imagine how much time Mr. Neely put into putting it together.
Good luck guys, around August 1st we should have some indication as to whether BTC will be continuing or if it needs more correction.
I've put together another two possibilities for BTC based on what we've seen in the past little while - one bullish and one bearish case, but both extremely dependent upon what we are currently doing.
This looks like BTC is forming a triangle at the moment (so far we've seen 3 and 3 monowaves for A and B, wave-C currently looks like it will follow suit with 3 and then D and E will follow). This is a very tricky count to make, because BTC is showing some signs of zigzags in this run up, but it also appears that it may be impulsive due to its strong similarity with Wave-1 impulse wave at the beginning of BTCs life.
If we are seeing a triple three, the correction for BTC is not over and there will be much more downside. If it IS complete, it appears that we may currently be in an extended Wave-3 and have significantly more upside before we correct for Wave-2.
Let's hope it's the second case, and I would love to see some insanely high price on BTC like $1 million.
This is the textbook sketch of a triple 3 correction, where the triangle actually acts as a reversal at the end of it, vs and continuation pattern on an impulsive.
gyazo.com/3c04d9d7fd...8922fcc22dcc6a652984
Triple Three Diagram borrowed from Glenn Neely's book "Mastering Elliott Waves" - it's a fantastic, extremely technical book that I highly recommend. Easily the best book on the subject and I can't imagine how much time Mr. Neely put into putting it together.
Good luck guys, around August 1st we should have some indication as to whether BTC will be continuing or if it needs more correction.
Comment:
There are a couple of other possibilities that this could be, but right now these two stand out as the most likely for me. It could potentially still be doing my bearish diametric idea, or this could be a corrective flat instead of a triangle - but triangle seems the most likely right now.
Comment:
Another possibility in line with this idea is that this circled area is Wave-1, and we have finished the extended Wave-3 and are currently in a larger Wave-4.
Will have a closer look once we break the triangle.
Will have a closer look once we break the triangle.
Comment:
I had a closer look at the top of the last bullrun and there's a pretty strong chance that this ios actually the flat case I mentioned but didn't chart - this will probably bring us close to 8k before we find somewhat of a bottom (possibly not the actual bottom though).
Comment:
Breaking 10k, I think that is the case.
Comment:
I don't think this is a triangle now, I'll update in the next couple days with a new idea - I think it probably is a flat and we are probably making a larger diametric pattern. Currently looking at 9100-9500 as support (I like 9100 better though) and then we will go to new highs for this run.
Comment:
After seeing how BTC has progressed, a triangle is not a viable pattern for this situation and so this idea does not work anymore. Please see my other idea here, as these ideas are all posibilities and use BLX historical BTC data so I can get a reasonable count finally.
Ideas here:
Ideas here:
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