Tommy_Trader

Tommy_Trader Updated 

There has been a lot of news lately about Ethereum which I believe is one of the major reasons affecting the whole cryptocurrency market. How should we approach with technical analysis perspective? Similar to Bitcoin, it seems like Ethereum is also having correction. I believe we are on wave B which I believe will reach around $780. After that there is high...

Tommy_Trader Updated 

After Bitcoin has formed a symmetrical triangle pattern, it broke above the pattern few days ago and kept going up with an uptrend parallel channel. However, it suddenly broke the bottom of the channel and luckily bounced at $8,300. If 4 hour candle closes below $8,300, I am assuming it will reach 0.618 fib retracement region which is around $7,800. We are...

Tommy_Trader Updated 

There are numerous wave counts for the recent correction. Many traders are all viewing it with different perspective and counts. One of the count that I think is quite possible, is the expanded flat where corrective wave B positions higher than the wave 5. Usually for this type of correction, the waves tend to form 3-3-5 instead of 5-3-5 zigzag structure. The...

Tommy_Trader

Sorry guys. I have been posting only on Korean server lately since I was busy. I am in graduate school right now trying to get my Master degree and I am graduating next month. So I am writing my thesis journal paper. Hope you guys understand. I thought that sub-wave B would reach at 0.5~0.618 retracement level of the down-going wave, but instead, it only reached...

Tommy_Trader 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...

Tommy_Trader

Fortunately, we have bounced at $9,200 which is a strong resistance area and thus Bitcoin is on its wave B. $9,200 also happens to be 0.238 retracement level of the whole wave cycle that started from $6,400. I believe Bitcoin will most likely reach $9,500~$9,650 and retest the $9,200 which is the lower boundary of the uptrend channel. If it breaks out the channel...

Tommy_Trader Updated 

Whether you consider the previous high a $9,980 as wave 5 or expanded corrective wave, current down-going wave has formed 5 waves structure which seems to be a cycle. I am considering this wave as wave A and have set my targets. Current bounce at $9,300 seems to be wave B. Since bears are in control right now, I am not expecting wave B to go above $9,400~$9,500. I...

Tommy_Trader Updated 

Resistance around $10K seems to be very strong. Once the daily candle closes above $10k, I am expecting strong bullrun. However, bitcoin is in a hesitation below this region. As time passes, I believe the amount of risk is also increasing. For efficient risk management, we should always hold bullish and bearish point of views when trading. For past few days I have...

Tommy_Trader

Here are my current counts. Bulls are very strong that bitcoin only retraced at 0.236~0.382 level. Observing the bullish momentum with strong bull momentum, we seem to be at sub-wave 3 of wave 5. My targets have not changed so much. Still showing RSI divergence on 1hr and 4hr chart so always take that into an account when trading. If you like my posts, please...

Tommy_Trader

Many traders including myself expected bitcoin to retrace more, but the bulls just won’t let that happen. Hence I updated my wave counts as bullish point of view. As long as we don’t fall below to $9,000 this wave count is validated. Moreover, if bitcoin break above $9,500 range, my wave count becomes more viable. Firstly, we have a big resistance region around...

Tommy_Trader Updated 

Like I have mentioned yesterday, we should be watching if Bitcoin will break above $9,200 or not. I said if it does break above, my wave count becomes invalidated. Unfortunately, it was heavily resisted and got rejected, and thus my wave counts and targets stand still. That spot was heavy resistance area also because it is where our down trendline passes (orange...

Tommy_Trader Updated 

Here is my wave count updates. Seems like my bearish wave count was right all along. Damn it. I believe we are on our wave C for the whole correction of wave 3. My targets stand in the white boxes in the chart. My first target is reached. If we bounce here around $8,800, it would be truncated wave C.

Tommy_Trader Updated 

This is my current bullish wave count. We did get some correction down until $9,200 area which I believe it was sub wave 4 (yellow). Now we are on sub wave 5 (yellow). My short-term targets stand at $9,600~$9,750 and $9,900~ $10,100 before we get minor correction which is wave 4 (green). As long as $9,200 doesn’t break, this count is valid. If you like my posts,...

Tommy_Trader Updated 

In a daily chart, bitcoin is being resisted by 100 EMA and thus if the candle closes above 100 EMA, we could expect some bull run until it reaches 200 EMA. The above chart is my bullish wave counts and as long as it doesn't break $8,900, we are done with the correction. If it does break the trendline and $8,900, that it would mean that we are on wave C going...

Tommy_Trader Updated 

Bitcoin has beautifully bounced at 55 EMA for 4 hr chart. Also we can see that it has bounced at the lower line of the channel it has been forming for few weeks. Based on this I am holding two possible scenarios. The chart above shows my bullish wave counts where we finished our wave 4 and we are starting our wave 5. In this case my first target stands around...

Tommy_Trader Updated 

My second target which was around $9,200~$9,350 has been reached today. We can observe that bitcoin is still well maintaining its diagonal wedge pattern. It is either correction phase or one or few more pumps. I have recently changed my bearish perspective to bullish since most of the correction hasn’t fallen below 0.238~0.382 level and considering this I have...

Tommy_Trader

I have two primary scenarios for the short term: one bullish and one bearish. Bitcoin has been forming a big ascending wedge for more than a week. It’s whether breaking the form (bearish) or maintaining the form for few more days (bullish). My bullish scenario has been mentioned several times at my previous posts, which is that we will have one or few more pumps...

Tommy_Trader Updated 

1st Target reached. Next target is $9,200. I have two main counts. First and primary count is as the uploaded chart. Where we just finished or will be finished at $9,200 would be whole 3rd wave. Then we could expect some correction for this 3rd wave. My entry (long) position is at $8,400, $8,050, and $7,750. My liquidation (short) position after the correction...