Perfect example of why S&R is just plain wrong analysis.
- Thread starter wxytrader
- Start date
Perfect example of why S&R is just plain wrong analysis.
Within the scope of "correlations and probabilities", there are no such legit examples... as this notion is 100% wrong!
Within the scope of "correlations and probabilities", there are no such legit examples... as this notion is 100% wrong!
Hey deaddog... I'm curious to ask if you're out of your BITI position, and hence short bitcoin?
Not completely; Probably monday depending on where it goes over the weekend.
BTC has to make a new swing high (over67.3k) to convince me the down trend is done.
One of the problems with using the ETFs is you have to sit out the weekends.
I'm in a position of always short right now (biti)...highly doubt this is a single correction...more pain needed maybe down to 50k.
All you bozos would have drawn a support level here, but only an EW would know what is really going on.
View attachment 339325
Here is the proof:
https://community.swingcharts.com/t/btcusd/21/3
B and 3 was the break in market structure.
How folks define that depends on the methodology.
A break in market structure is just nonsense people use to try to describe what they don't understand. In this instance you are calling it after the fact when B completed and "broke structure" or whatever voodoo rules it goes by, when EW actually measures the expected move for the entire ABC correction.
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Agreed. I was actually hoping to be a buyer of some more BITX and it kind of got away from me. I am down quite a bit on my position obviously but I have no problems scaling in even lower and was expecting lower prices given all the recent bad news. But this move right now is highly bullish and so I wonder if there will ever be lower prices to be honest.
Do you ever follow bitcoin news and does this influence your decision? Don't get me wrong, I love just using the chart to trade because all news is almost an unnecessary data point. But since the rally off the lows has been quite extreme,. I do think it's highly likely that the trend has changed back to bullish from bearish, and specially since so much bad news had come out.
Do you also consider the ETF flows in your decision making process? We of course never know what the next day brings and Friday for example was a major shock given how there was so much positive inflows after such a negative outflow day the day before. But it seems like there is no way that price isn't going to follow the daily flows because I imagine that ETF buyers are at least a third of all the volume so this seems like a pretty good metric to me to follow.
That's interesting, if it gets to 50K that will be about a 30% drop from the high. The last time we had a 30% drop (Jan 2022) the boys started talk of a crypto winter.
Like I've mentioned in the past I don't know how to value BTC so I don't really pay any attention to what is being said or projected. Nor am I sure who I would listen to anyway, if you look hard enough you can find someone who is either bullish or bearish. Whatever news, good or bad that is out there is priced in.
I suppose that price will follow the inflows and out flows but isn't that the same as more buyers causes the price to go up and more sellers causes it to go down. If you want to buy and no one wants to sell you have to raise your price until you find someone willing to sell. Same in reverse.
To me at's a trade not an investment. I'm not about to hold and hope in either direction