Is Bitcoin completing a 5th wave or will it fall short?
Updated
Plotted this yesterday afternoon and woke up to find 
BTCUSD playing nicely right along my lines.
Overnight she bounced right off my 4th wave prediction, which makes me quite happy as a brand new trader in the space.
Now, we wait to see if my 5th Wave is completed, or whether BTC takes a cue from my
LTCUSD analysis and comes up short for a nice ABC correction over the next few days. Will be watching other indicators to see if they mimic the volume and strength trends LTC showed last night before it dumped.
I have built a small practice position laddering down from $11066 - $10895. If this wave pattern holds, I'll look to take profit in the green box. Stops are conservative, but have room to breathe.
Short Term: Bearish
Mid Term: Neutral
Long Term: Bullish
I think we are seeing a healthy dose of reality in these markets since the ramp up to 19k. As BTC becomes more accepted and ubiquitous, it will start to churn more and more and act like traditional markets, but on a 24/7 timeframe. This is good.
This is purely for my own education. I am very new and learning. Do not take this as advice or anything other than practice. Please feel free to let me know what you think. Any constructive criticism is welcome!
- Foul Mouth Muggle
BTCUSD playing nicely right along my lines.Overnight she bounced right off my 4th wave prediction, which makes me quite happy as a brand new trader in the space.
Now, we wait to see if my 5th Wave is completed, or whether BTC takes a cue from my
LTCUSD analysis and comes up short for a nice ABC correction over the next few days. Will be watching other indicators to see if they mimic the volume and strength trends LTC showed last night before it dumped.I have built a small practice position laddering down from $11066 - $10895. If this wave pattern holds, I'll look to take profit in the green box. Stops are conservative, but have room to breathe.
Short Term: Bearish
Mid Term: Neutral
Long Term: Bullish
I think we are seeing a healthy dose of reality in these markets since the ramp up to 19k. As BTC becomes more accepted and ubiquitous, it will start to churn more and more and act like traditional markets, but on a 24/7 timeframe. This is good.
This is purely for my own education. I am very new and learning. Do not take this as advice or anything other than practice. Please feel free to let me know what you think. Any constructive criticism is welcome!
- Foul Mouth Muggle
Trade active
Initial count was wrong. I think we have now seen "A" on an ABC retracement pattern that will finish the Elliott Wave around the .618 fib retracement line.Note
Still tracking. If the bottom drops out and C fully extends to 1.618...BTCUSD is off to bear country.
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