Tsunami season is approaching again guys. With release announcement so close, we are almost half way into the third wave.
If you are unfamiliar with Elliot wave principle:
Wave three is usually the largest and most powerful wave in a trend (although some research suggests that in commodity markets, wave five is the largest). The news is now positive and fundamental analysts start to raise earnings estimates. Prices rise quickly, corrections are short-lived and shallow. Anyone looking to "get in on a pullback" will likely miss the boat. As wave three starts, the news is probably still bearish, and most market players remain negative; but by wave three's midpoint, "the crowd" will often join the new bullish trend. Wave three often extends wave one by a ratio of 1.618:1.
+1
0.001 btc will be reached in this coming wave, especially with the big Launch announcement expected any day now.
i would use day candles for a classic pattern analysis with emas, support and break-out scenarios to trade. its better for semi-automated trading.
the price chart follows the development of the platform and its anticipation, so you can you use Elliott Waves Theory. i would not trust this instrument, it just works if you use it with a lot of intuition as all pattern prediction instruments. take a look into X-Sequentials from Devin Sage, its less 1930es but more complex or a temporary approach like numer.ai
so we could hit now the 410 and then go in a channel down and then seeing an approach to break-out up or going down in a bigger channel sidewards. at the moment there is alot of volume, what is good for volatility
Exactly, it works because it predicts human behaviour not price movements. Since we are still waiting for launch, market sentiment and emotions play a huge part in the price movements we are seeing. Just like Fib retracement, Elliot principles works well in speculative/volatile markets especially in crypto, because they predict human behaviour.
Thanks for the suggestions, I will look into those further!
P.s. I have no ICN on Kraken and the minimum I will start moving some is 2018 or until my ICN is $0.5m. Whichever comes first, and then followed the next morning with a resignation letter to my manager...it's good to have dreams right
I have simply been burnt too many times trading coins during the initial moon stage. ETH, XMR and even BTC. It's simply not worth the risk unless you work for goldman sachs lol
goldman sachs sucks
