Yesterday I wrote about a high chance of seeing another five waves up, after seeing 5 waves up and 3 waves down.
Let's have a look at what happend... exactly, you guessed it. It's a BINGO:
It happened exactly the way that I said it would. This means my count is still right. So expect a move down soon....
This is how I predicted it:
You can watch the post from yesterday again here:
https://steemit.com/bitcoin/@ew-and-patterns/btc-update-24-09-17
If you don't think, that this is proof that it works, I must assume that you are incredibly stubborn and not willing to accept the beauty of it. This is not a coincidence. I have done that hundreds of times.... If you read my entire blog you will find at least 20 examples of incredibly accurate predictions.
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If you think this to be useful information:
DISCLAIMER: I provide trading ideas using EW and Pattern analysis. The material in this post does not constitute any trading advice whatsoever. This is just the way I see the charts and what my trading ideas are. The author of this post is holding positions in this market at the time of this post.
If you make any trades after reading this post it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.
Tell me what you think...
Have a nice day :-)
UPDATE: If there is no high above 3956$ again, this would be the chance for the bears to get rollin'... I see a chance for 120$ down over night.
Will be commenting again in the morning.
Morning update: shorts are in profit, SL 3934. I expect an awesome drop today. Good luck everyone.
QUICK UPDATE: The count is still valid. There could be one more high to complete the 5 of 5 at 4000 but it is not required anymore. We will see soon
DROP might have started. I am buying shorts as high as I can get them. Last position was stopped out this morning. SL now 3972$
Morning Update: I don't think this is going to work out. I reduced the short to half. Think it will be stopped out soon. Will have to reevalueate in the evening. The bulls are keeping BTC above the trendline, which is bullish...
Very difficult phase right now. Everything is still looking fine. But if BTC rises over night I will have to reconsider. But for now it looks like small wave one and wave two should lead us down overnight. SL remains 3972. Will only be a small loss if it fails.
The calm before the storm right now. Volume is incredibly LOW
Nice analysis! I truly believe in EW as well!
I have a question, so are you bearish even with MACD at so oversold levels and about to turn up?
MACD is a lagging indicator, which means it can turn up slightly and prices still fall. Then a day later it turns bearish again. Perfect bulltrap. I would not use it as an entry indication. If I am wrong, there will be at least a correction after the those five waves up of today.
Thank you for your comments. A lagging indicator that shows deep oversold levels can say that while price can go a bit lower, it's not time to be selling but rather time to be buying. That combined with EW, entries can be laddered.
Let see which one of you is right hehe
Currently still in consolidation, we should see a move soon.
Haejin but if we see the weekly MACD we are heavily oversold... I am not sure what does that means... Im new to trading
Will udpate the macd weekly tonight.
So it looks like a drop has started, can you estimate where we could go?
Yesterday you were talking about a 120$ drop, still correct?
Drop has not started yet. I will make an update when there is something to talk about.
He says upto 2500
You got my vote and a resteem :]
So do you think the top at 5k was a 3rd or a 5th wave?
I think it was 3rd
Yes I agree. The 3rd is usually the biggest pump. So how low would you see the 4th (do you think we already touched the bottom?) and how high the 5th?
I need the waves to point in a direction to make a fib prediction. Right now we are at crossroads. It is beiing decided in the coming days, if there will be new alltime highs (wave 4 done) or new lows.
You have my vote Today I loss 90 USD because of MACD delays
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Great, I want to buy cheaper coins soon! :)
Nice analysis!
Upvote resteem.
@ew-and-patterns What's your latest?
Your last entry was 6 hours ago.
Thanks.
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Good investment analysis
Thanks !
Where exactly do you see in landing ? What range ?
Upvoted!
No target foreseeable yet. My guess is 2500
Thanks ! So wave iV is not done ?
In my opinion it is not. This will change if BTC manages to make a new high above 4051! One more high above 3970 is still possible.
This is what needs to be watched now. Easy thing to do ;-D
If I am right, you took profit at the best point possible.
Resteemed also ..
Took profits , thank you !🙂
Oh WOW!! Well one for that prediction. So when do you think it's drop?
Upvoted and Resteemed.
The principle is good. remains to try to see further, to foresee the future wave
great jobs
Incredible! What is our stoploss shorting this high?
I will write an update comment under this post once this is clear. One more high is possible right now, but it should not exceed 4051$.
if we dont exceed $4051 how low do you think it might drop ? (wondering where to set ladders) also will that then be wave IV finshed and wave V start for the big uptrend ?
I am already short 1 position. Maybe in 2 hours we have confirmation of a high in place.
Yes this is still part of big wave 4 if it drops hard soon.
What price would you enter to go long ? I guess I'm asking in wave IV bottom isn't in where is it most likely to be ?
Cheers
No target foreseeable yet. My guess is 2500
that would be a nice entry point !
Looking ahead here- but after wave 5 top will does it always retrace back the beginning of wave 4 ?
Have you seen any scenarios where it doesn't ?
Thanks
Maybe you would like to go to my Blog and look at today's "weird coincidence" where all Bitfinex Tokens rise their Volumen at the exact same time, I wrote an article about it and took some print screen
Still calling for a pullback to mid 2s?
Wave 4 completed ? What are your thoughts ?
Thanks 🙏🏽
The big short idea is gone for now. The direction is now clearly up, but there will be an ABC correction in the coming days after which I am looking to BUY. I will prepare a post for later today.
Good-luck and thanks!
Weren't you talking about a drop a few days ago to $1200? Did not cut your shorts?
I believe in Elliot Waves but it technical indicators are bullish with a wave v that has started.
Thanks
If you read the comments I cut all shorts a few days ago.