BTC - Primary Count Megathread
I wanted to start tracking my primary BTCUSD wave count. This post will be for the larger time-frame count and will follow up with two more zoomed in counts, and potentially some alternates. I will try and keep this thread as the primary one for tracking purposes and update as this unfold, or until it invalidates.
I currently see us being in an ending diagonal, commonly referred to as a wedge, that is forming wave C of (4). Within that, I think we are in wave (b) of a zigzag composing circle iii. Based on EW guidelines, wave (b) should retrace between 38.2%-76.4%% of wave (a), but here I am only tracking 38.2%-61.8%, which gives us a tighter range between $8175-$8850. From there, assuming wave (c) is either equal to or 1.236*(a), wave circle iii could end anywhere between $6000 & $4500. To keep the chart cleaner, I outlined the tighter range of $6000-$5250. This also aligns Beyond that there are too many variables to make predictions for now.
This count becomes invalid if we break above the previous high of circle ii, or roughly $10k+.
Credit to Arkady from Elliott Wave Traders, who's count this is largely based off of
*THIS IS NOT FINANCIAL ADVICE*
I currently see us being in an ending diagonal, commonly referred to as a wedge, that is forming wave C of (4). Within that, I think we are in wave (b) of a zigzag composing circle iii. Based on EW guidelines, wave (b) should retrace between 38.2%-76.4%% of wave (a), but here I am only tracking 38.2%-61.8%, which gives us a tighter range between $8175-$8850. From there, assuming wave (c) is either equal to or 1.236*(a), wave circle iii could end anywhere between $6000 & $4500. To keep the chart cleaner, I outlined the tighter range of $6000-$5250. This also aligns Beyond that there are too many variables to make predictions for now.
This count becomes invalid if we break above the previous high of circle ii, or roughly $10k+.
Credit to Arkady from Elliott Wave Traders, who's count this is largely based off of
*THIS IS NOT FINANCIAL ADVICE*
Comment:
2 hour zoom and short-term targets:
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30 minute count:
Trade active:
I believe that was all of wave (b), we are now looking down towards (c)
Comment:
Wave iii target hit right on the money. I will post an update for waves iv and v in the coming days. I do not believe wave circle iii is done, however. Still targeting the $5500 price area.
Comment:
I appologize for the lack of updates guys, live's been busy/ This is dragging out longer than I would have imagined, but Elliott Wave Theory doesn't predict timing! Just wanted to say it looks like we are following the macro count beautifully, still targeting $4700 for BTCUSD.
Looking a bit closer, the 4HR MACD seems to be rolling over. Whenever it starts to "flat line" like this or looks like its rolling over, expect volatility!
Looking a bit closer, the 4HR MACD seems to be rolling over. Whenever it starts to "flat line" like this or looks like its rolling over, expect volatility!
