BTC - daily update 2018-07-25

in #bitcoin6 years ago

It looks very much like we started the correction. What can we see so far? Well, we can count 5 waves in the green marked wave. We are working on wave 5 of what will most likely be a ABC correction when done. We are close to a area of support which i marked in light blue. I believe we going to turn around in this area to start wave B, marked in blue. We will likely go back to test the red resistance line at 8,190.

BTC 15 min.jpeg

From here i see wave C to start. Wave C is likely to be same long as wave A which will bring us to the descending black support line. I marked the touching point in the light blue box. This will be a critical point. I see us moving up from here but we have to count the waves, as i expect us to see only 3 waves up, which will then confirm a Double ZIGZAG or wxy correction. I coming right now to this possibility as a rule of elliot wave says wave 2 will correct at least 50% of wave one (wave one is the whole move from 5,800 to 8,500). And as the ongoing wave A is more less in, the completion of the smaller ABC will not bring us to 50% or more.

But for now there is a lot of theory included in my analysis. We have to get more data first before i can be more precis. But this is what i am looking at. With a target area in the yellow box. You may have better data and come to a different conclusion. This is absolutely fine for me!

BTC 4 hour.jpeg

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I've never heard this rule that Wave 2 must correct more than 50% of Wave 1. The rule of wave 2 I've heard is that it can't correct more than 100%. I do find that in crypto markets that wave 2 often corrects very deep however.

You may search google and you will find out about Fibonacci and the relationship to Elliot wave. For our premium members I did some basic education in this a few days ago.

I have been a premium member for the last 2-3 weeks and I am impressed. I have studied Eliott Wave but I've never heard this one. I guess I'll continue to search.

Sounds great! Welcome! It’s always good to educate and study! :-) the learning never ends ;-)