If you follow elliott wave in its simplest form, that is the Bill Williams way, then you will find this chart very refreshing
I have drawn the future possible pathway of BitCoin on this weekly chart of the BTCUSD.
We have seen a giant wave 3 up followed by a sharp corrective wave 4 down.
Now its broken out of the wave 4 consolidation and going into Wave 5.
We can't be sure if its really wave 5 until it reaches the highs of wave 3 but it certainly is the start of it.
The thing is that you can't wait for wave 5 to be proven before you trade it. No.
You get into wave 5 by tracking wave 4. Wave 4 is supposed to be the phase between accumulation and distribution.
It's either profit taking time as a result of huge bull moves or its simply lacking of buying and selling.
When BTC hit 31K there were no more sellers. It always attracted more buyers when it reached this point. And on the third attempt
it shot up. I even called it as you can see in the attached idea. Serious buyers beware, I said.
Hope you find value in this.
ps: its time for a bit of correction (again) Perhaps not that large but a couple of weeks.
I have drawn the future possible pathway of BitCoin on this weekly chart of the BTCUSD.
We have seen a giant wave 3 up followed by a sharp corrective wave 4 down.
Now its broken out of the wave 4 consolidation and going into Wave 5.
We can't be sure if its really wave 5 until it reaches the highs of wave 3 but it certainly is the start of it.
The thing is that you can't wait for wave 5 to be proven before you trade it. No.
You get into wave 5 by tracking wave 4. Wave 4 is supposed to be the phase between accumulation and distribution.
It's either profit taking time as a result of huge bull moves or its simply lacking of buying and selling.
When BTC hit 31K there were no more sellers. It always attracted more buyers when it reached this point. And on the third attempt
it shot up. I even called it as you can see in the attached idea. Serious buyers beware, I said.
Hope you find value in this.
ps: its time for a bit of correction (again) Perhaps not that large but a couple of weeks.
