The problem that I see in your larger wave analysis is that the rally off $2 was in a 5 wave pattern and not in a 3 so we are either in a zigzag or impulse up from here. In summary, there is really no reason to assume we go sub $2 without a continued move higher first.
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Well, if he is indeed forcing the market to go where it doesn't naturally want to go then the aftermath could be brutal especially if that direction is down. There was probably a large group of people who panic bought because of that wall at 4.6 instead of waiting for a lower price, along a different group, who were otherwise selling or would have sold in the mid 4s but changed their mind because of the wall. So, if that wall disappears, in theory, you have an even greater supply of bitcoins wanting to get out from the additional remorseful buyers and natural sellers whose sole reason for owning bitcoin was that wall. From a real market perspective, the FED manipulated the US markets by providing cheap credit after the dot com bubble popped and bottomed in 2003. For 5 years the market artificially rallied, but in end, because the rally was based on unsustainable manipulation and people who were buying solely because the the now famous Greenspan put (think of the bitcoin wall), the market crashed in 2008 all the way down to where it was before and lower in half the time as the previous crash. And, as many of you are aware of, the FED is doing the exact same thing again. Rinse and repeat. I wonder what will happen this time around
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I didn't go 10:1 just to gamble. Prepare for quite a huge spike.
Based on what...your reckless long position? It sure sounds like gambling. Furthermore, why are you flaunting your long position like this? You can only hurt yourself by posting this type of information here
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-March 28 update sent (includes chart: 130, 131)
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-March 27 update sent (includes chart: 129)
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just noticed the wall...wow! 64,000 at $4.6
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today's email has been sent -March 26 update (includes charts: 126, 127, 128) As I stated in the email, use the Elliott Wave chart more for its trend-lines and the various patterns displayed within rather then the projected count at least in the short term.
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sent out another email (a non-elliott-wave-centric type)
-March 25 update #3 (includes charts: 120, 121, 122, 123)
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'premium only' email sent
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I will definitely focus more on non-Elliott Wave charting for the foreseeable future with my day to day emails since what has happened these last few days makes little to no sense from an Elliott Wave standpoint and therefore I cannot just keep following slight error after error down the rabbits hole.
Do you have any idea why this could be the case? It didn’t make any sense to me either. But then again, so did the rise from the 4.5, then the 4.75 low not make sense to me at all at the time. Like it wasn’t supposed to happen, and yet it did, both times up and down. I enjoyed this email btw. Small market means people can troll all the elliott wavers. When both major analysts are saying "up is the only option", down sounds pretty good if you have the funds to do some squeezing. I agree...I edited my last post which includes something like this
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I feel like he focuses too much on Elliot Wave Theorem instead of the underlying technical indicators, at least in the short term pictures. The Bitcoin market is still relatively tiny, and a single person with deep enough pockets can create "waves" on charts. Elliot Wave Theorem is all about mass psychology in markets, but with bitcoin - at least on short term scales - a lot of moves are created by a single or a couple of people, rather than the mass. There's just tons of noise on the shorter time scales.
Does anyone else feel the same?
Exactly my feeling - as if someone was waiting for a triangle and then push it with force to break into one direction. It is very hard to say what really makes me feel like that or what would I expect from 'natural' triangle breaking - but well this is my feeling as of now. I will definitely focus more on non-Elliott Wave charting for the foreseeable future with my day to day emails since what has happened these last few days makes little to no sense from an Elliott Wave standpoint and therefore I cannot just keep following slight error after error down the rabbit's hole. I'll always have a medium to longer term wave count available, but, for smaller waves, I will stick to pointing out: various underlying technical patterns, moving average support/resistance areas, various trend-lines and channels, pattern recognition, along with volume analysis. EDIT: I am beginning to believe that my wave analysis has been compromised by the sheer number of subscribers that I have...many of whom are either 1) front-running my targets in order to get ahead of everyone else who is selling/buying in a certain area or 2) breaking my proposed support/resistance areas and wave paths that I point to in order to create a panic in one direction or the other. Unfortunately, I really have no short term solution to this proposed problem that many of you have emailed me about. A longer term solution is obviously for more participants and more volume to enter the bitcoin market so fewer and fewer people would have the financial means to manipulate the market in one direction or the other as many currently have. Until that happens, the best thing that we can do is try to work around that problem by focusing less and less on the shorter term and more on the longer term especially when you are trading...and never ever use leverage.
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Today's email was just sent and should explain a lot. Feel free to ask me any questions regarding it.
-March 25 update (includes chart: 60, 67, 72, 88, 115, 116, 117, 118)
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'premium only' email sent
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Its all about supply and demand and market basics, we are in a nice trading range to the downside, we can go lower but we are already oversold on the daily chart, and we still haven't broke the major trend line that started in 2011
selling 20000 bitcoins and we are still holding above 4.50
Care to share that trendilne? just connect the 2010 top to the 7.2 top and the 6ish top (apex of the triangle before we dove to 3.87) in a log-based chart. There is indeed a trend-line there but if means little at the moment since there is no trending channel to to go alongside it in either direction Because of the context, I think he was talking about an uptrending line. I’m guessing this one: https://i.imgur.com/GjJzi.png true, but try drawing that same trend-line on a log based chart. Rarely do you want to put a non-log chart over a log one.
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Its all about supply and demand and market basics, we are in a nice trading range to the downside, we can go lower but we are already oversold on the daily chart, and we still haven't broke the major trend line that started in 2011
selling 20000 bitcoins and we are still holding above 4.50
Care to share that trendilne? just connect the 2010 top to the 7.2 top and the 6ish top (apex of the triangle before we dove to 3.87) in a log-based chart. There is indeed a trend-line there but if means little at the moment since there is no trending channel to to go alongside it in either direction
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I just sent out today's email -March 24 update (includes chart: 114)
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today's email has been sent -March 23 update (includes chart: 113)
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I just sent out today's email -March 22 update (includes: chart 112, 105)
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Remember that truncated wave down I told you guys about. Keep an eye out for it Hope you got a big trunk, Im gunna stick my bitcoin in it... Truncated waves down are for sissies. I want a full wave down. It would only take a 20k sell right now to kick us off the cliff... Like I said, just keep an eye on that possibility here
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Remember that truncated wave down I told you guys about. Keep an eye out for it
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