Looks like 3200 was a trap. You could see there was too much resistance and it expended most of the volume from the previous spike before it even got there.
465-475 was a BIG support level with the 300 EMA. But this bounce is on small volume. Everyone of the bounces lately have been enemic. The bears gave the bulls every chance in the world to breach $620. And the bulls didn't even try. Meanwhile, the bears got bored and dropped us 20% on "rumors". If and when those rumors get confirmed on the exchanges I don't see the bulls putting up a fight until $400ish. I could be wrong, but the buyers are just not around right now. question; do bulls buy or do bears buy? If I was a bull and wanted to buy, I wouldnt pay 620 even if I was offered the chance, because I could buy at market price of 520. bulls and bears are mythical creatures. more often than not, bears buy, and bulls sell. Bears fight for lower prices, Bulls fight for higher prices. The person who drives the price to 620 will do so not out of choice. |
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yup lots of big orders I saw around that level. but it needs time to tell. Though I think this does mean that the wall that was placed there many hours ago is gone. maybe sold to market.
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HOLLAR OUT TO ELLIOT WAVE ANALYSTS
y'all see a five wave decline terminated and a five wave rally on the smaller fractal (5min chart)? the volume makes perfect sense, all fourth waves are wedges, all fractals in tact. the next rally will either be a 3 or a five. the implications are critical. If panic has truly been resolved, the next rally will swiftly pass 540 and maybe 560.
3200 is critical on Huobi. if we break that level, it is highly bullish.
Well here comes try #1. *Bink* Big order at this level on stamp. (relatively) |
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Elliot wave analysis is bound to fundamentals and sentiment. other methods of TA do not cater for this, but only go hand in hand.
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HOLLAR OUT TO ELLIOT WAVE ANALYSTS
y'all see a five wave decline terminated and a five wave rally on the smaller fractal (5min chart)? the volume makes perfect sense, all fourth waves are wedges, all fractals in tact. the next rally will either be a 3 or a five. the implications are critical. If panic has truly been resolved, the next rally will swiftly pass 540 and maybe 560.
3200 is critical on Huobi. if we break that level, it is highly bullish.
 So what excuse do you have that your TA hasn't made you a millionaire yet? All you people who believe in their own TA nonsense have one. What's yours? The PBOC China statement was an enuxpected event that had a binary outcome on the market. This has happened many times over history, an unexpected binary event. these events unfold in natural ways because they are not controlled or prepared for. Their nature is unpredictable, so I couldnt sell at the top, but EW analysis, the study of these naturally unfolding forces lead me to believe that we hit a bottom at 465 and I bough at 475. I dont need an excuse you stupid budgie. Im making big bucks right now on leverage. and whats your excuse?  |
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3200 is critical on Huobi. if we break that level, it is highly bullish.
3200 was crossed upwards at least five times yesterday, starting at 13:18 UTC. Why didn't it count? why? because huge volume has since changed hands. 3200 exposed itself as a critical sell order during the crash. if it is still there, we are still bearish. if it is not, we are resolved. That is why it is critical. |
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HOLLAR OUT TO ELLIOT WAVE ANALYSTS
y'all see a five wave decline terminated and a five wave rally on the smaller fractal (5min chart)? the volume makes perfect sense, all fourth waves are wedges, all fractals in tact. the next rally will either be a 3 or a five. the implications are critical. If panic has truly been resolved, the next rally will swiftly pass 540 and maybe 560.
3200 is critical on Huobi. if we break that level, it is highly bullish.
So what excuse do you have that your TA hasn't made you a millionaire yet? All you people who believe in their own TA nonsense have one. What's yours? The PBOC China statement was an enuxpected event that had a binary outcome on the market. This has happened many times over history, an unexpected binary event. these events unfold in natural ways because they are not controlled or prepared for. Their nature is unpredictable, so I couldnt sell at the top, but EW analysis, the study of these naturally unfolding forces lead me to believe that we hit a bottom at 465 and I bough at 475. I dont need an excuse you stupid budgie. Im making big bucks right now on leverage. and whats your excuse? |
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HOLLAR OUT TO ELLIOT WAVE ANALYSTS
y'all see a five wave decline terminated and a five wave rally on the smaller fractal (5min chart)? the volume makes perfect sense, all fourth waves are wedges, all fractals in tact. the next rally will either be a 3 or a five. the implications are critical. If panic has truly been resolved, the next rally will swiftly pass 540 and maybe 560.
3200 is critical on Huobi. if we break that level, it is highly bullish.
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the decline caused by the news has caused a panic wave of selling that meets the exact criteria for an elliot wave. e have had five waves down, three the largest wih most volume, a wedge fourth wave (contracting liquidity) and a final thrust fifth wave. now that we have a reaction above the fourth wave, the wave has terminated. if this is not the end, it will be some time before the next decline probably.
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Is the retrace over already?  If you want my advice, this retrace will not be over for many hours if not days, and even forever. Today was an exercise in picking bottoms for longs. not a good day for opening shorts. Dr. Ly, if you ask me, ask chessnut about that tomorrow. You might get completely different answer Seleme, you always misunderstand me. dont mock me. I talk in probabilities, when I note the market is changing, it has strategical significance, not always long term weight. I never knew there was going to be chinese FUD, and yet I sold spontaneously at 577 because I was flexible enough to change as the market changed. dont follow my advice if you dont understand it. |
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Is the retrace over already? If you want my advice, this retrace will not be over for many hours if not days, and even forever. Today was an exercise in picking bottoms for longs. not a good day for opening shorts. |
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This is set to consolidate for another whole day.
If it breaks 540, Im gonna get really excited because I see that as a reversal. This will be just like October 2nd, closure of silk road.
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totally unpredictable market...
...see you when the next bubble is in full swing (April 29th).
I beg to differ. LOVE being an EW analyst now. price action, volume, sentiment.... I can read it like a book. |
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SHORT SQUEEZE FTW lol.
LOve my max leveraged long position @ 475
@ Chessnut , congratulations, it seems to be an awesome trading day with lots of opportunities that many in here enjoy  How did buying in at 560 yesterday go for you Chessnut? well I dont post my losers, I got out at a bounce to 555, after Huobi went nuts. small loss. Though I did buy at 562, and got out 577 before this fiasco. ps. good job keeping tabs creekbore  |
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SHORT SQUEEZE FTW lol.
LOve my max leveraged long position @ 475
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I guess that massive spike was a bunch of the lesser whales getting out of bed in China.
Since when did you have to be Chinese to trade in China or @Huobi...just as likely it was Rpiella and Tera lol It's not like CaVirtEx is with CAD citizen only traders to the best of my knowledge. well I didnt know that whales outside of china would like to deal with yuan. but it's the chinese that have guns pointed at them. not risto. and its time to get up and go to work now. |
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I guess that massive spike was a bunch of the lesser whales getting out of bed in China.
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A good bull-trap actually functions like a Ponzi, the first ones that get in will be rewarded when they leave at the right time. Edit: 1h chart actually looks like a waterfall this is how all trading works  it's identical to a game where there are two rooms, A and B, and players move from one, to the hallway in between, to the other. each player's reward is proportional to the number of people who enter room A after him, minus the number of people who leave room A before him, as well as the number of people who enter room B after him, minus the number of people who enter room B before him. imagine actually playing that game. seems silly, doesn't it? that's what we're doing here, all of us! --arepo you´re right no not all trading, on the stock market out capital is used to generate dividends. all the people who buy such stock are net winners. All the people who buy/sell bitcoin offer liquidity, boosting the value. again bitcoinsers will be net winners, no need to sell. |
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I think if anything LTC will be toast after all this.
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Time to buy.
Time to buy very very carefully. |
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