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Sam I don't see this type of clear Elliott waves on standard stocks currencies forex I just got into the Elliott wave game and it seems much easier to spot on crypto I don't see any deep retracements on Amazon stocks etc
You talk about fear/greed. None of it exists really. You don't have humans trading, you have predatory bots trading that take advantage of time zones, have no emotions and ride up the price the second you enter a trade competing with you, other bots and rigging the system. So much pumping-n-dumping is going on between the bots so that up and down is rigged not by real human emotion. How does a manual trader even have a chance. Things have gotten out of control including on Coinbase and we analyze and discuss these trending patterns as if real emotion is at play. I'm bullish on BTC but the wild west is ridiculous. No sustainability.
Thanks again for this Friday Rendez-vous with Bitcoin.
I've discovered and I'm "learning" EW because of your clear explanations and Philakone's.
I've to admit that I have a bearish bias on the short-term, and think that we would be in the middle (the beginning of a C) of a much massiv correction (Cycle degree ? Wave 2) heading at least to the 0.786 retracement of a the potential Cycle degree Wave 1 that started 7 years ago.
Altough it means that I'm anyway mega bullish for Bitcoin for the long term, such as over 300k USD.
im thinking what we just had is a big ABC correction, 3 waves up for A, 3 waves down for B and the slow choppy 5 waves up in a rising wedge, which most of the 5th and C waves end up doing. So we might be heading down with another 5 waves impulse.
just my thoughts.
Great video guys!
It's actually more the news about the "whale". On his own, his dumping couldn't manipulate the market. The volume's too low. But thicken it with some FUD and everyone starts selling. Banks already got a lot of BTC thanks to Ripple. Now all they need is some more weak hands in the market to shake and in a few years they'll be on top and all this "need for regulation" and "money laundering" won't even be an issue. And for all those thinking BTC will crash: it won't. The government and the banks have too much of it to let it crash. It could go to a dollar now, but the long term will always be higher highs.
Don't take this the wrong way but in the end all the Fibonacci and Elliot wave analysis boils down to "it could go up but it could go down, if it goes up it might look like this, and if it goes down it might look like this, but I have no fucking idea what it's going to do"
TA shows some key points to potentialy enter or exit the market .theres no such thing as TA price prediction .TA only adapts and shows market sentiment .Market sentiments drives TA`s and not vice versa .Tranding involves financial risks .
Once you learn TA and EW it helps you determine where to put your stops and buys or ladders..some are more risk adverse, and some like to gamble more..it all depends on your style ...then after you've watched the markets long enough you start to see price action that looks familiar to help you even more in your decision making...that's all it is...nobody knows for certain where it's going to go...it's just tools for you to be able to peek around the corner sometimes
I was with you til that last sentence. Yes, it's either up and down (you'd be dumb not to consider all possible scenarios), but it gives you clues on precisely how to act when price reacts at certain levels. For instance your buy in zones, sell targets, bouncing off certain fib levels, realistic goals and trend ideas, etc. Go watch his most recent LTC video lol, but if you're expecting free lunches then those do not exist my good sir.
fibs over fibs and 10 "if´s". okay, simple analysis time: btc daily chart bullhammer + close over the 200day ema + highest volume on the bullhammer since 8th feb + fib level kiss on the 0.618 lvl. and now you can guess for yourself what that means. should i try my simple elliot skills ? okay. its a 1,2,3,4,5 from the swing low of 6k to the 2nd top at 11.7k. now we had a a,b,c correction down to the 0.618 fib lvl at 8.3k. new 1,2,3,4,5 starts now and will break the bearish trendline to the upside.
Do the same rules apply using EW when something abnormal happens in the market as in a dump of a large volume at once? Cuz that's what triggered this drastic sell off and is the same seller who also dumped 6,000 BTC on 12/22 8K on 1/17, 6,000 on 01/31, and 18,000 BTC on 02/05/18. And every time the market tanked. And reports are saying he still has yet to sell 166,000 BTC. I'm sure you've heard the news but can we still receive any degree of successful charting when things like this happen?
It's all over, just google MtGox trustee unloads Bitcoin worth $400 million. I can't post a link here. I did learn that the remaining 166,000 BTC are not going to be sold by the trustee from the lawsuit. He only needed to liquidate like $430M to pay MtGox creditors so he'll only sell about $30M more.
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