Bitcoin Wave Count Revised 25Sept17
I am revising my Bitcoin Wave count and reverting back to my original view that I posted on 5Sept 2017 (see link below):
Why am I revising my recent Big Picture WaveCount ?
1. The significant start of the Bitcoin run-up was close to the Spring Equinox (24 March 2016, low $920) and this should be start of the Wave Count, prior to that it was relatively sideways action.
2. My previous Wave 4 Count was not deep enough. The current Wave 4 is more realistic.
3. When Wave 2 corrective wave is shallow then Wave 4 corrective should be sharp which it was.
4. I believe medium to long term we are still in a Strong Bull run with Bitcoin set to make significant price gains possibly in the region of $11,000 (time frame I don't know).
It appears to respect the Fib numbers $1,000, $2,000, $3,000, $5,000, $8,000, $11,000 (something for you to see in hindsight which will help become your foresight)
Caveat:
My only discomfort is that the EW Rules state that Wave4 cannot break Wave1. On the Daily Chart, it did break it by $8 (can we turn a blind eye? that's your decision)
Note: if Wave 1 (daily) does get broken than this invalidates this Wave Count and we start again our Wave Count.
Summary:
We, therefore, are in Wave 4 and this is unconfirmed as being complete. After it has completed, we move into Wave 5 before a correction. After Wave 4 is finished, is set to go up again but it must break all these resistances I identified (see link below) if it is to revisit $5,000:
In the very short term, I have posted a short trade, as I see it attempting to retest Wave 4 level.
It's important that as a Professional I show you what I see and revise my Analysis when I believe it is an incorrect read of the Market.
Remember, our goal as traders and Investors is to be IN TUNE with the RHYTHM of the Market this is HOW WE MAKE MONEY and we put aside our egos (the two cannot coexist).
Let's see if this is more representative of the POSITION IN THE MARKET, PRICE ACTION alone will determine the TRUE PATH.
There you have it. Hope this update helps.
Sean Vengan, Professional Trader and Trading Educator
DISCLAIMERS TO VIEWERS OF MY POSTS - PLEASE READ CAREFULLY
1. If you don't agree with my views or analysis then it's very simple, FOLLOW SOMEONE ELSE
2. I am not here to give you financial advice and if you take a trade it is your full responsibility, not mine.
3. I am not your Professional Trading Mentor or here to provide you with a Free Professional Trading Advisory Service.
4. I am not obliged to provide analysis, commentary or answer any of your questions. I am here to trade for my sole benefit, not for your benefit.
5. I am a paid member, not a free member, so I am on Trading Views to use their paid services. My presence on TV is not to provide you with analysis.
6. I am happy to help you in your trading if I choose to and I feel you are being courtesy. It is my free choice to answer you, I am not obliged to.
7. If I provide and give up my valuable time providing analysis to you please respect that I am providing it free of charge. Appreciate it and don't take it for granted.
8. If you comment to me, simply be courteous and we can show each other mutual respect. If you are rude or disrespectful I will ignore you or send you a curt reply.
9. If you are abusive I will report you and will leave it to the moderators to decide if you should be banned.
10. If you don't like my views eg If I think Bitcoin is going up and you think it is going down, then please do not abuse me just for having opposing view to you. Show us all your analysis, don't hide behind rude comments and alias name. Lack of analysis shows lack of knowledge and experience.
11. I have no issue with you expressing your opinion or disagreeing with my views but please don't disrespect me
Why am I revising my recent Big Picture WaveCount ?
1. The significant start of the Bitcoin run-up was close to the Spring Equinox (24 March 2016, low $920) and this should be start of the Wave Count, prior to that it was relatively sideways action.
2. My previous Wave 4 Count was not deep enough. The current Wave 4 is more realistic.
3. When Wave 2 corrective wave is shallow then Wave 4 corrective should be sharp which it was.
4. I believe medium to long term we are still in a Strong Bull run with Bitcoin set to make significant price gains possibly in the region of $11,000 (time frame I don't know).
It appears to respect the Fib numbers $1,000, $2,000, $3,000, $5,000, $8,000, $11,000 (something for you to see in hindsight which will help become your foresight)
Caveat:
My only discomfort is that the EW Rules state that Wave4 cannot break Wave1. On the Daily Chart, it did break it by $8 (can we turn a blind eye? that's your decision)
Note: if Wave 1 (daily) does get broken than this invalidates this Wave Count and we start again our Wave Count.
Summary:
We, therefore, are in Wave 4 and this is unconfirmed as being complete. After it has completed, we move into Wave 5 before a correction. After Wave 4 is finished, is set to go up again but it must break all these resistances I identified (see link below) if it is to revisit $5,000:
In the very short term, I have posted a short trade, as I see it attempting to retest Wave 4 level.
It's important that as a Professional I show you what I see and revise my Analysis when I believe it is an incorrect read of the Market.
Remember, our goal as traders and Investors is to be IN TUNE with the RHYTHM of the Market this is HOW WE MAKE MONEY and we put aside our egos (the two cannot coexist).
Let's see if this is more representative of the POSITION IN THE MARKET, PRICE ACTION alone will determine the TRUE PATH.
There you have it. Hope this update helps.
Sean Vengan, Professional Trader and Trading Educator
DISCLAIMERS TO VIEWERS OF MY POSTS - PLEASE READ CAREFULLY
1. If you don't agree with my views or analysis then it's very simple, FOLLOW SOMEONE ELSE
2. I am not here to give you financial advice and if you take a trade it is your full responsibility, not mine.
3. I am not your Professional Trading Mentor or here to provide you with a Free Professional Trading Advisory Service.
4. I am not obliged to provide analysis, commentary or answer any of your questions. I am here to trade for my sole benefit, not for your benefit.
5. I am a paid member, not a free member, so I am on Trading Views to use their paid services. My presence on TV is not to provide you with analysis.
6. I am happy to help you in your trading if I choose to and I feel you are being courtesy. It is my free choice to answer you, I am not obliged to.
7. If I provide and give up my valuable time providing analysis to you please respect that I am providing it free of charge. Appreciate it and don't take it for granted.
8. If you comment to me, simply be courteous and we can show each other mutual respect. If you are rude or disrespectful I will ignore you or send you a curt reply.
9. If you are abusive I will report you and will leave it to the moderators to decide if you should be banned.
10. If you don't like my views eg If I think Bitcoin is going up and you think it is going down, then please do not abuse me just for having opposing view to you. Show us all your analysis, don't hide behind rude comments and alias name. Lack of analysis shows lack of knowledge and experience.
11. I have no issue with you expressing your opinion or disagreeing with my views but please don't disrespect me
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