hmmmmm . . . Bitcoin . . . bull ? ? ?

W

Wallace

So the waves formations are at a point where in all honesty [sic]
I felt the kneed motivation to text a ~ p o s s i b l e ~ that's possible
change of direction in the direction of the Bitcoin price —
no longer on it's way to Hell and it's utter distruction [breathes heavily]
as my previous post 'Bitcoin's W5 Down has begun' Apr 21, 2023 stated
posted due to premature wave and time count hysteria - a result of the
exuberance of a Bitcoin infection and the joy of a reason to post a thread -
yes on EliteTrader and
I now have to unavoidably state the - oh yes I've writ it already - the possibility
of a complete/ing wave 3 Correction formation that could, yes COULD see the
Bitcoin price take UP, UPUPUP, starting . . .
 
NOW

see here that EW theory has a regular 3 wave C in a Declining formation,
whilst a more aggressive C formation would be a Horizontal set of waves
formation as is currently - NOW, and a third of the generally 3 types of C
formations and what I like to refer to as a Running C formation which properly
would be referred to as a Rising C that I nevertheless like to refer to the '87 CRASH
'end of the financial system as we know it' at that time - '87 to '90 3 wave Correction
that we knew to be at that time after a mere 3 years fact to be a
Screaming BULL MARKET signal.

Where am I ?

Sooo, there you have it.
 
NOTE

You should explain upupup wave C wave 12345 CRASH hell things with a diagram.

Anyway, many people don't use those Elliot wave things.
 
Regardless of the direction that is going, if you were to explain the reasons why the price dropped 4k in a month, what would be you train of thought?

We discussed a few days ago that one of the reasons is this dump of seized coins:
https://cryptopotato.com/dump-incoming-us-government-moves-another-9000-btc-from-silk-road/

Would you agree that the price is just dropping because there is a strong sell going on? or are there other factors?

I don't think you can apply TA to Bitcoin, you might be right in your predictions but just by pure luck.
 
See Elliott. See Elliott wave goodbye to his money.

waving-wave.gif
 
Drawdown Addict said:
Regardless of the direction that is going, if you were to explain the reasons why the price dropped 4k in a month, what would be you train of thought?

We discussed a few days ago that one of the reasons is this dump of seized coins:
https://cryptopotato.com/dump-incoming-us-government-moves-another-9000-btc-from-silk-road/

Would you agree that the price is just dropping because there is a strong sell going on? or are there other factors?

I don't think you can apply TA to Bitcoin, you might be right in your predictions but just by pure luck.
More...


Thanks for your post.

When I first started to trade the ES contract I kept asking
'why's it going up, why's it going down' ?
At that time a guy joined the office walking in with a copy of
'Elliott Wave Principle, Key to Stock Market Profits' by A. J. Frost and Robert Prechter.
I borrowed the book and gained an 'ahaa' understanding of the Price Time Waves Movement
that fitted my consciousness.

Applying EW one doesn't look for reasons why ''the price dropped 4k in a month'',
one would have foreseen or not, a price drop based on one's EW analysis.

Elliott developed his Wave analysis based on the Dow Theory and significantly the
Fibonacci ratio:
https://www.investopedia.com/terms/d/dowtheory.asp

I stopped using EW years ago and developed a 'RedGreenSignalSystem' with which to
enter Buy, Sell and Close trades.
I still use TA but not for trading - it's redundant; my RGSS is ALWAYS correct, tho there
are times when the Price changes direction so quickly - and while the RGSS keeps up with
the changes, I can end up with a losing trade.

When I used to make daily calls I would usually state an alternative if the price movement
or my interpretation was ambiguous; with the first Bitcoin thread as said my analysis was
premature and I didn't think about alternates, now tho having posted the first thread
I HAVE to post this thread since my continued/updated BT analysis is now offering an
alternate interpretation of the Price Movement.

BT W.JPG


I trust the chart above goes some way to contradict your statement: ''I don't think you
can apply TA to Bitcoin, you might be right in your predictions but just by pure luck'' is a
statement that applies to YOU, not me.

Having analyzed and traded numerous and varied financial instruments for well over 40 years,
what I've got and use works.
 
Hey guys, we've just landed on the forum :D

Starting today, feel free to ask us any questions you have. Alright!

I'm responding to the thread:

There are many profitable waits and tetchniques to use. It is always important to test any type of stategy before applying it. In the last week BTC and the entire cryptocurrency market have experienced significant sell-offs. To have bull market condition we could need to wait a bit more. BTC has once again touched the 26k range, while ETH has reached 1.6k. It's well-known that August and September are the months with the worst performance for BTC (photo and source)

These are the services we currently have:

MultiHODL: User-friendly crypto trading service, fast execution, no opening/closing order fees.
Cryptocurrency Loans: Immediate liquidity, Loan-to-Value (LTV) up to 90%, withdrawals via Bank Transfers or Credit Cards.
Exchange: Trade cryptocurrencies, fiat, and stablecoins, real-time prices, and reduced commissions.
 

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