Also, a lesson on how to measure wave 5 targets (instead of pulling numbers out of thin air) and draw correct Elliott Wave base and trend channels.
Wave 5 can be measured three ways:
- equal the height of wave 1 (68,692)
- 0.618 the… twitter.com/i/web/status/1…#Bitcoin Low Time Frame Alternate Count.
The base channel fails as support on the first attempt, but price is contained by the trend channel, before moving higher.
Looks incomplete with one leg lower still to play out. Must complete above 13,870 or invalid. 2/ #BTC Wave 2 Double Zig-Zag correction.
Combination of small zig zag followed by large zig zag. Also incomplete with one leg lower still to play out on #Bitcoin
Dec 17, 2022 • 4 tweets • 2 min read
Seems to me the #Bitcoin bottom is more likely in than not. Everyone hates everyone. Everything is scam. Every red candle is some degen getting liquidated. Too much narrative. Too much fear.
If you look at the charts, the #Crypto market as a whole has gone nowhere in six months.
If you're selling out of your positions, instead of taking the opportunity to accumulate and grow them at these levels, I really think you're going to look back and regret that decision.
And I'm not talking trading, I'm talking about opportunity for long term portfolio growth.
Generally speaking, when the news is universally bad and the sentiment is at all time lows, I am a buyer. I buy slowly and consistently across the months when the market is hunting for a bottom.
1/
My obsession with charts means I am always looking for the exact bottom. I want to know when it is approaching and when it has passed, but my investment timeframe means I have no need to buy the exact candle.
The smaller dashed channel remains my primary case, mapping out waves 1 though 4 with perfect touches at the channel bounds. Wave 5 higher is still missing.
Lots of charts! Lets get into it...
🧵1/
In both channels we can draw a tight lower boundary, as well as one that captures deviations.
In the smaller channel, #Bitcoin has now broken the tight boundary and consumed the full extent of the Covid deviation.
I prefer this WXY over an ABC running flat because of low volume in the would-be C wave, and it counts better as a zig-zig. I'm being technical, but it changes the options.
Is it finished?
🧵👇 2/ Wave 4 Running Triangle.
The WXY is a three wave structure; as is an ABCDE triangle. Two more three wave swings would give us a neat triangle.
The E wave could hold 40k support or find the lower trendline. That would suck in the H&S bears nicely!