Bitcoin (BTC) Morning Update: Awareness Prevents Panic and Induces Calm Discipline!
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SUMMARY
Bitcoin (BTC) overnight price action could have completed five waves (blue) and I've labeled the subwaves of the blue wave 5. So, if this is correct, a minor correction could be on next.
If so, perhaps a small expanded flat could look like below. This chart shows waves a and b as being complete and c has started. The completion of wave c is expected to trace out five waves down (red subwaves of c). Equipped with this awareness, would one panic sell should this occur? Not as likely as one who is uninformed, unaware or purely trading with instincts.
The below chart shows an alternate where wave 5 is not yet complete and so a bit more higher to go before the minor correction. It matters not which way, as the destination is the same.
Here is the BitFinex price feed chart. It had always bothered me a bit on how quick the correction was. The below outlines that perhaps the correction is not complete. We will know if this is the preferred direction if price gets repelled hard by the upper white line of the channel. Would I panic sell on this scenario? NO! Being aware that this is a c wave of an abc means I'd be thinking more about how to ladder a bit more in at the terminal end of the c wave. This thinking is very different from a panic...it is more confident, calm, disciplined and aware.
Check out the video. It contains a couple take home lessons you might find valuable!
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
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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Legal Mumbo Jumbo: 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.**
Hi, can anybody tell me which trading platform I should use to setup ladders. All sites I have been using don’t facilitate this. I can only set price alerts, and this is driving me crazy.
Correct me if I'm wrong, but you must manually set up ladders using buy and sell Limit orders (that is what it is called on GDAX). Read Haejin's post about laddering in and then use that knowledge to see where to set your buys or sells. Usually, it is at certain peaks of the waves. Hope this helps...
I am using trading sites that you can only buy or sell instantly, so they don’t have limit orders. I used these sites as I bought via IDEAL, a system in The Netherlands to transfer money instantly, because I didn’t have a credit card.
So putting ladders in manually, I understand, but I would like to know what is a good trading site to do this. I understand that you say GDAX, correct?
Yea, GDAX has a nice volume so trading is good there. I'm in the United States so I am somewhat limited on what I can use. I'm not sure what the best one would be for The Netherlands...
Thank you. Ill try it out.
Hef...on Bittrex you can place limit orders...when you go to the coin it automatically reverts to a limit order on default, so you just enter the amount you want to sell or buy and at what price...it then saves these once you submit the order..they just recently changed the amount of time you can save these to i think 90 days so you need to keep track of them..hope this helps
Thank you Shawn. I will try it out.
+1 for bittrex
@haejin
It seems that the last scenario is happening right now
BTFD!
:-)
Thanks and all looks good to me!
it seems to me the price will now draw us a double top. Then it will be corrected to a mark in 10000 $
Prices of two tops need to be about equal for double top
I agree with you, but bitcoin broke all the technical analysis with his schedule) does what he wants
@Haejin, I have an idea about your updates...If you could just quickly include LTC and ETH in every update, I feel we could get a better idea of the market as a whole...what do you think? Of course, I am so grateful for your posts regardless. MAAAASSIVE PROPHETS TO YOU!!!
If you can make my day have 39 hours, yes. :-)
The more I understand about these blog posts, the more I find myself wanting the prices to stay down another month or so.
Well done! Expanded a,b,c overall.
Hey Solisrex:) do you use trading view? If so, could you tell me how to send a screenshot like yours instead of a link?
Haejin, I found this on the internet and was wondering if this is true.
AKA the cup and saucer; I think William O'neall from IBD wrote a whole book about it. @pawsdog
I had gotten out of BTC at $10500 before the fall and could not bring myself to get back in again these last two days... sixth sense I guess, "fuck them, JoJo - wait and watch a couple of days." So I'm not in the need to go "omm" right now ;) Also, watch what is happening (or not) at Kraken.
:-)
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