Critical Levels - EW analysis

[hdbuck]

Meh it broke downwards :-(

meh. EW.

[1715070847]

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[RyNinDaCleM]

Meh it broke downwards :-(

Don't fret! That just means it'll all be over sooner

[btc4lifer]

At this point in time the triangle seems to have taken aim to the upside. good form. This might not be the beginning of bullish continuation but bullish none the less.

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Chestnut called the triangle end before it ended!

[pontikis13]

Meh it broke downwards :-(

Don't fret! That just means it'll all be over sooner

What exactly do you mean?

[RoadTrain]

I guess something subtle has changed in Bitcoin trading mechanics, and chessnut hasn't adjusted yet. I believe that even with all the proper TA, there's still some intuition attached to determining probabilities of various outcomes.

[Afrikoin]

I guess something subtle has changed in Bitcoin trading mechanics, and chessnut hasn't adjusted yet. I believe that even with all the proper TA, there's still some intuition attached to determining probabilities of various outcomes.

Please elaborate on (bold)

[fortif78]

I guess something subtle has changed in Bitcoin trading mechanics, and chessnut hasn't adjusted yet. I believe that even with all the proper TA, there's still some intuition attached to determining probabilities of various outcomes.

Please elaborate on (bold)

What's there to elaborate? He just means being in tune with the market.

[meh32123]

How about this EW analysis:

Grand scheme of things


And a more close look:


Looking forward to your comments :-)

[RyNinDaCleM]

Meh it broke downwards :-(

Don't fret! That just means it'll all be over sooner

What exactly do you mean?

Instead of up then down before up, we go down then get the up sooner.
Notice his chart showed a corrective move heading up, implying that more down would come after. However, as we see, it is just going down now, and since this whole movement off $5xx is more of the corrective nature, there should be more up once this finishes. Of course this can all change if we get enough down to make larger moves out of it, but it doesn't seem to be the case yet. For now, I'll say to be happy if we find good support at/above $300 and begin to move up from there in an impulsive fashion

[RyNinDaCleM]

How about this EW analysis:

Grand scheme of things


And a more close look:


Looking forward to your comments :-)

How would you count that blue I?

Typically, what happens is a declining volume throughout the correction, however, impulsive moves (C-waves included) will always have a rising volume, so a blanket statement like "B has declining volume" isn't exactly right. There is also another variable here. Time frame, or the scale of data being analyzed. This (what I still believe to be) B is a much larger scale than the one you have in your box, so the time frame must also change to accommodate it. Over all, everything since January has been declining volume with a spike in the last rise for a potential C. I also think there is a good chance it was only 3 of C, hence the large spike in volume, and we'll see more upside with a lower volume for a divergence signalling the top. Lets wait and see how things go in this down tick before I say moon

[RoadTrain]

I guess something subtle has changed in Bitcoin trading mechanics, and chessnut hasn't adjusted yet. I believe that even with all the proper TA, there's still some intuition attached to determining probabilities of various outcomes.

Please elaborate on (bold)

Nevermind, I guess fortif78 has formulated it better. Anyway, I'm not very sure I'm right Gotta get some sleep.

[chessnut]

Clearly this was an abc, either wave II species or wave B species. It may carve further lows but once broken out it should retrace at least 62% of the decline.

[windjc]

Clearly this was an abc, either wave II species or wave B species. It may carve further lows but once broken out it should retrace at least 62% of the decline.

Is your confirmation of "broken out" that trendline in your chart?

[chessnut]

Intermediate abc seems to be building with Okcoin positioning net long by 59%

[Afrikoin]

Intermediate abc seems to be building with Okcoin positioning net long by 59%

good call.

looks like below $300 will work well to shake out weak ones.


edit

would it be correct to conclude bitcoin takes a double dip to properly rebound of a bottom?

[chessnut]

looking impartial at present. Its hard to say which way this triangle should go but the form is getting better.

[Tzupy]

Intermediate abc seems to be building with Okcoin positioning net long by 59%

Shouldn't this have broken by now?

[ssmc2]

Just did

[hdbuck]

Just did

im not buying anything until it goes below 300.
280 is a good threshold imo.

[ssmc2]

Just did

im not buying anything until it goes below 300.
280 is a good threshold imo.

I think that's what most people are thinking. Which probably means we won't see sub-300, or if we do, it will be an instant rebound back up.