Bitcoin (BTC) Morning Update: The Primary & Alternate Counts
SUMMARY
Note: Much more detail in the video than this summary.
Overnight price action has likely progressed further into the abc blue wave 2 correction. However, the waves thus far look a bit overlapping. IF blue wave 3 is next, we need to start seeing some serious impulse motive action upwards. Wave C might still be incomplete as shown in the below chart.
Here is the Ascending Right triangle pattern and the video contains lots more detail on this potential playout. The blue arrow could provide a pathway of breakout at around end of March while the white arrow shows a potential closer towards the end of April. The $11,800 zone is a resistance of significance as price had been repelled here three times. The volume is also expected to decline further as this pattern matures and this would provide one of the needed confirmations.
The bigger picture Alternate is also shown here. The video contains alot more details on this chart. The ABC has to bee kept at top of mind awareness. Only the unware are surprised and are always broadsided by "unexpected" events.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
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Great video @haejin ...Long term perspective "forest" views make me stay chilllllllll
@Haejin You do not provide any entertainment. I brought you some.
Thanks for these usual useful tips
Ok, what you are saying is: anything can happen and you have no clue what´s next? Great...
Did you just watch the video..?
Believe me you will find many people which give you a precise prediction of how price will look in 24h, if thats what you want to base your trades on then enjoy burning your money.
It simply isnt that easy, you have to be aware of multiple scenarios and let time filter them so that your probability rises to be on the right track. Thats the reason why trading actually needs skill and most of people lose money in trading. With such comments you make yourself looking really stupid..
Actually philfromhongkong is correct. It's the nature of Elliott Wave. It's supposed to be predictive but there are always alternate counts and the correct count is never revealed until it's too late. I stopped using EW over 20 years ago because it proved worthless in making profitable trades over the longer term.
P.S. I am not one of the 97% who lose money in the FOREX market.
Probably that is why he uses it together with patterns.
I found EW a great tool when you are within the actionary waves, especially when you try to aim for profit taking.
I agree that corrections are really difficult to predict and as you stated they reveal their nature mostly when it is to late. Do you have better tools to use in that case that have proven to be working well over the years?
It's because EW alone is useless. Like pattern recognition alone or using RSI alone. EW + patterns + indicators (oscillators or MA based) are really powerfull. You lose value not using EW as a tool to increase/decrease the probability of a call, not even talking about targets (combined with other tools). Just my opinion ;-)
Adding some candlestick analysis helps too ;-)
I can work with a primary count and of course one or two alternates. But when I have 4 or more counts I just don´t trade the scenario...
Exactly! It could go up or it could go down lol!
nice to have your video update, I enjoy them a lot!
regarding the decisive point at 14k that you have mentioned, how much cash would you suggest (in % of total portfolio) to raise?
Bitcoin will go up or down. That, I am sure of.
I'm positive that Bitcoin will go up and down, up and down, up and down... 👯
@Haejin You do not provide any entertainment. I brought you some.
Can you do ADA pleeeease?
According to my analysis the price will be price with 2 possible paths
Bullish 10000, 12500, 14.000 dollars
Lower low 6000 dollars again
Thanks Master!
@heajin......thanks for keeping us up to date by providing us these helpful tips....Love it...