Topic: CryptoWaves - Elliott Wave Analysis Blog (Read 29175 times)

Could be a nice looking ending diagonal just wrapped up the 5th wave down? See a 4 or 6 hr stamp chart.

I don't mind Queeq, though I don't have much time to chart BTC recently - you may want to open a new EWave thread.

Looks like we got flat correction here (a-b-c on the chart). Moreover, EWO crossed zero upwards, so now it seems like wave 4 is complete or almost complete. I'd expect one small leg up to 380-381 for wave c to have clear five subwaves.

Bitfinex seems to have become more important than Bitstamp. Bitfinex can be found on Tradingview as well.

forget about btce use bitstamp and huobi

I hope CryptoWaves would forgive me for cluttering his topic. This must be the best place for EW analysis as long as RyNinDaCleM closed his blog.

So I believe we are in the end of extended wave (5). They are quite common for Bitcoin. Wave 5 of (5) seems to going to extend as well. Notice how fibo extensions play out.
The only thing that bothers me is that on BTC-e wave (4) enters the price range of (1). However it's not for Bitstamp. I was starting to think it's not 4th wave, though it looks like expanding triangle and subwaves are looking legit for that.

retweeted!  thanks!

Too busy for a detailed update with price commentary at the moment. I had been toying with this chart last weekend right after the low around $380 and prior to the PayPal news - thought I should finally put it on the board.

https://www.tradingview.com/v/7Et9UWaM/



Share it with your Twitter followers!

https://twitter.com/CryptoWaves/status/515377834395570176

Bump - hi, any updates on how close we are to completing 2? Thanks!

Congrats on your analysis working out - we're right between your targets currently. Looking forward to what's next.

My primary count of Bitcoin being in a Minor 2 wave down is actually valid down to the previous C-[Y] low at $339.79. Wave 2's can retrace all of the wave 1 move without breaking any EWave rules. More realistically, wave 2 should not retrace more than 88% of a wave 1. The 88% retrace of Minor 1 is $383.




I expect Minor 2 to reach the minute (c) = minute (a) target of 429, at least. I don't want to be giving trading advice, so you'll have to assess whether your position sizing allows for 'catching the bottom'. Enter trades with a plan based on price targets and you will be ahead of most traders and if you are just holding for the long term, consider buying in increments rather than buying all the same time.

Thanks for the clarification.

By the chart, it looks like you'd expect some kind of a turn (preferably with volume) somewhere between 415 and 470?

And I'm guessing that you would not recommend trying to catch the bottom, but rather waiting until there is a clear turn with volume?  Then maybe buying on the way back up, hopefully early, once indicators have turned?

The timing on the chart are not to be taken literally, they are just estimates. The drop is playing out exactly how I said it would once the bottom of the triangle gets taken out. Price movement is the most important aspect to watch.

It's because it isn't an Elliott Wave at all... it is a straight line heading East Southeast... maybe even South Southeast

Is there anything to make of the fact that this wave down seems to be happening in an accelerated fashion as compared to the chart?  Or am I just misreading the chart?  It looks like you had projected this move down to happen sometime in the future, not right now.

Bitcoin price moved below the bottom trendline of the triangle that I showed in the previous post. There was no final wave e as I projected, but the triangle is still valid. Price should continue heading lower for wave (c)-2.


Supporting this argument is a daily Squeeze that fired short, meaning downward price action should continue for 6-10 days. The signal is finished once the Momentum (14) indicator goes up for two bars (two days).
https://www.tradingview.com/x/Q4fWZ9FT/

Thanks for the kind words! I don't know about an oracle, but....

I don't want to take over CW' thread as  I have done in the past... He was a good sport about it and I appreciate that! That's why I started my own. But I will field this question since it was toward both of us.
According to his most recent update, CW has invalidation of $607.20 to the top-side and $555.90 to the lower. This is because he has a triangle and if either recent price extremes are broken (wave-b or wave-c), the triangle becomes invalid. His main Bullish invalidation is at $420.27 as is mine (the beginning of the minor wave-(1)). However, since I have an impulsive count taking us down a bit sooner than the triangle scenario, my invalidation is at the wave-1 low which is $607.90. This is because of the rule stating that wave-4 cannot enter the price territory of wave-1 (unless it's a diagonal which it clearly is not).

I hope this clears it up!?

I don't rule out a drop into the $400's, myself, but I wasn't going to post that until the time calls for such a projection. My wave-(C)/wave-1 (Bullish/Bearish respectively) count is just a projection using Fibo based off the currently formed waves and typical targets, so nothing too drastic until the waves decide to start extending. At which time I will revise targets and counts as necessary.

CryptoWaves and Ryan, you guys make TA look so damn easy!

I've never been a huge fan for the markets in which I trade.  Information asymmetry, earnings, and events have always seemed to drive price action in my world...it just makes sense to me.  But with BTC, underlying fundamentals are truly less obvious. 

I haven't been watching your work long enough to say for certain that you're market oracles or anything, but you both have a great style of writing about what you are watching that is helpful.

I'm a grown ass man and I'm going to do what I think is right to do, but I think it's interesting that you guys are both looking at some upcoming opportunities if one keeps one's powder dry.  Ryan, as I recall, you're looking at a probably retrace to $540 by late August (which matches a smaller wave that Crypto also has mapped out as possible), and CryptoWaves has us going sub $500 ($415-470 range in September).  You both, as I recall, have $607 as invalidating that count?

I think it's definitely worth watching and maybe keeping a little powder dry.  Thanks for sharing!!!

Please read the last post at my site or my last post in this thread.

Where is the wave pointing now? Is this a good buy or good sell?