All of the possible scenarios for Bitcoin
Updated
If you are a trader utilizing Elliott wave theory. I highly recommend you to read this post. It will be fun! Many traders all over the world are holding their wave counts with different perspectives. Out of many counts, I would like to share and organize some of possible counts or scenarios. These counts are all bullish perspective for long term where we consider the uptrend wave that started from the beginning of April as impulsive waves. For short term, I have few bullish counts and few bearish counts.
The chart above is my most bullish counts where whole 5 wave cycle has ended and sub-wave 2 of wave 3 is starting. I personally am wishing this scenario is the right one. For this case, if we break $8,815, this counts become invalidated.
Here is my next bullish counting which is quite similar to my first one. In this case we are still on wave 5, and we have just ended our sub-wave 2. In this case, my targets would stand very similar to my first case but the correction after the whole cycle would be much more deadly. This count will also be invalidated if we break $8,815.
Here comes my bearish scenario. I uploaded few days ago about this count when I changed my long position to short. Just like my first scenario, we would consider the 5 wave cycle the same, but the corrective waves after the impulsive waves landed higher than the wave 5 which often happens due to bullish momentum. This kind of correction is called expanded correction where we would consider the wave B as a bull trap. For this case there is high chance that it will drop below $8,900.
My most bearish counts. The down trending wave for past days would be considered as wave A. In my subjective opinion, this count has the most weight. For this case, we can expect some bounce that might reach up to $9,300~$9,500 and fall back down to $8,600~$8,700 after all.
Another count that is similar to my previous one but more in bullish perspective. This is a little bit unnatural and obstinate but it’s not impossible.
Wave counts are to be corrected along the way, as we validate or invalidate new waves.
Analysts always hold numerous possible scenarios with certain probability based on the statistical and logical back-ups such as wave theories and indicators. Our job is to prepare the respond action plans for different possible scenarios, not to just predict our future. As we progress to confirm new structures, our accuracy and preciseness for the final target will definitely rise.
I am pretty sure that there are many other more counts for example, considering the wave that went up to $8,400 as wave 1. If you have any other opinions on the wave counts, please share it on comments so we can discuss. If you want, you can criticize my analysis. I love discussion with people having different ideas and perspectives.
If you liked my post, please press thumbs up and follow me.
The chart above is my most bullish counts where whole 5 wave cycle has ended and sub-wave 2 of wave 3 is starting. I personally am wishing this scenario is the right one. For this case, if we break $8,815, this counts become invalidated.
Here is my next bullish counting which is quite similar to my first one. In this case we are still on wave 5, and we have just ended our sub-wave 2. In this case, my targets would stand very similar to my first case but the correction after the whole cycle would be much more deadly. This count will also be invalidated if we break $8,815.
Here comes my bearish scenario. I uploaded few days ago about this count when I changed my long position to short. Just like my first scenario, we would consider the 5 wave cycle the same, but the corrective waves after the impulsive waves landed higher than the wave 5 which often happens due to bullish momentum. This kind of correction is called expanded correction where we would consider the wave B as a bull trap. For this case there is high chance that it will drop below $8,900.
My most bearish counts. The down trending wave for past days would be considered as wave A. In my subjective opinion, this count has the most weight. For this case, we can expect some bounce that might reach up to $9,300~$9,500 and fall back down to $8,600~$8,700 after all.
Another count that is similar to my previous one but more in bullish perspective. This is a little bit unnatural and obstinate but it’s not impossible.
Wave counts are to be corrected along the way, as we validate or invalidate new waves.
Analysts always hold numerous possible scenarios with certain probability based on the statistical and logical back-ups such as wave theories and indicators. Our job is to prepare the respond action plans for different possible scenarios, not to just predict our future. As we progress to confirm new structures, our accuracy and preciseness for the final target will definitely rise.
I am pretty sure that there are many other more counts for example, considering the wave that went up to $8,400 as wave 1. If you have any other opinions on the wave counts, please share it on comments so we can discuss. If you want, you can criticize my analysis. I love discussion with people having different ideas and perspectives.
If you liked my post, please press thumbs up and follow me.
Note
By the way guys, the counting on my main chart in this post is not my primary count. I just have been drawing charts with bearish or short perspectives too much recently and now I want to draw one with bullish or long perspective!
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