BitcoinUpdated Why Bitcoin Is Killing you - Graves In, Money's Out..!
Good morning fellow investors, Hope you're doing well and welcome to yet another BTC analysis. Let's get right into it! A couple of days ago bitcoin gave us a Elliott Waves 5th and last wave confirmation. As we know from our good friend Mr. Elliott himself one of the most important rule in Elliott Waves pattern is that the 5th wave need to take the bottom of the 3rd one which bottomed at $5900. Based off of levels of consolidation and fibonacci retracement it only leave 1 price area where it can go which is $4700. This market has stopped giving us bullish indication when it started creating lower lows and lower highs and is now telling us it's going full bearish which, even further confirms our initial theory of Elliott Waves price movements.
My team and I have been trading off of this strategy since the $17 000 and because of this we were accurately able to predict the bottom of the 3rd wave at $5900 which comes to confirm that the pattern really is in place and accurate. The odds are in our favor and we are currently HODL'ing into FIAT patiently waiting for the price to either goes all the way down to $4700 area OR give us a clear indication of a reversal pattern.
Tool used on this analysis:
exponential moving average - ema
volume - vol
fibonacci retracement
Elliott Waves
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My team and I have been trading off of this strategy since the $17 000 and because of this we were accurately able to predict the bottom of the 3rd wave at $5900 which comes to confirm that the pattern really is in place and accurate. The odds are in our favor and we are currently HODL'ing into FIAT patiently waiting for the price to either goes all the way down to $4700 area OR give us a clear indication of a reversal pattern.
Tool used on this analysis:
exponential moving average - ema
volume - vol
fibonacci retracement
Elliott Waves
Follow to me on telegram if you want to be updated on this trade.
Please follow, comment, like & share. DENZOSS LOVES YOU ALL !! <3
Note
To anyone looking to scalp BTC. Here's my take on it:Red line: Level it bounced off of
Purple line: retracement level it should be reaching shortly, if it breaks past it we are looking at a strong possibility for retracement all the way to the green line
Green line: Next level after the purple line level
Pink line: Next strong level if BTC continues going down past the red line
Do I advise to scalp BTC right now? ABSOLUTELY NOT. But if you are going to do it anyway here's my thought on it, these kind of move DO NOT have a very high success rate.
Trade at your own risk.
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To anyone who took the scalp above, congrats you've made profit.Update on the long term idea: the 5th wave is still in play! Patience is key!
Note
Hey everyone, lots of comment about wave 4 going into wave 1. Wave 4 is not actually going into wave 4 and here's why. The wick we see on 240+ Is actually a down price movement from $12 000 to $10 300 that happened within less than 1 hour (chart below). The fault is mine I made the wave one attached too low on the wick there which isn't right, It should be attached to where the support was created which is in reality at the $11 500 area.
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Here's what the chart looks like with a bit more precision on where the waves attach, but really guys in Elliott Waves, the precision of where waves end does not matter too much. Elliott Waves give us a general price movement. Even IF the count of Wave 1 was in fact at $10 000 and the wave 4 went up to $10 300, do you really think that small price movement would be enough to completely invalidate a multi month long price action manipulation? Absolutely not!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.