Critical Levels - EW analysis

[Carra23]

I am assuming you are in a long position now? Or holding out for more time to see which way that wedge resolves?

[chessnut]

I am assuming you are in a long position now? Or holding out for more time to see which way that wedge resolves?

Yep I am long from 1970. At this level I would wait for a better signal before suggesting long. I will be giving a long signal if this plays out nicely.

Hi how are You set up yout stop loses, take profit and in which price did You buy?
What do You think about current situation - do You consider market depth in Your assumptions, becouse bid side on stamp seems to be powerfull

When I offer trades I always specify good stop loss levels and profit targets.

I dont really look at market depth in my analysis. it's not useless, but I just dont. I have found it doesnt really help EW analysis.
 

[biggus dickus]

I am assuming you are in a long position now? Or holding out for more time to see which way that wedge resolves?

Yep I am long from 1970. At this level I would wait for a better signal before suggesting long. I will be giving a long signal if this plays out nicely.

 

Do you think it's possible the price hit the bottom when the bear whale dumped?

[chessnut]

I am assuming you are in a long position now? Or holding out for more time to see which way that wedge resolves?

Yep I am long from 1970. At this level I would wait for a better signal before suggesting long. I will be giving a long signal if this plays out nicely.

 

Do you think it's possible the price hit the bottom when the bear whale dumped?

Yes, I do. but there are other options. if you wade back through the commments you will find there are two options, we may be in wave B or wave V truncated. in the case of wave B, we should revisit and maybe exceed the 270 lows.

[Raystonn]

Do you think it's possible the price hit the bottom when the bear whale dumped?

Anything is possible at Zombocom!

[chessnut]

So yesterday I illustrated that even though the reaction to local lows was not impulsive (abc) the bigger picture was bullish and pushing for reversal. after failing to break new lows we have had a nice little rally extinguishing a lot of the momentum of the slide from 2140. We have a lot of divergence in this area. This is not consistent with a wave V count other than a truncated count. This may still fit into a wave B analysis as my friend Ronald _Bringer nicely illustrates here.

https://www.tradingview.com/v/OEL1d6sI/

I will be looking to signal long on the breakout of this triangle if it plays out nicely, or on the breakout of 2020.

[chessnut]

buying any dip here is a good shot for the opportunistic trader.

[BrewCrewFan]

I see desperation trying to keep that price under 2030 on Okcoin

nm broke though it finally.

[biggus dickus]

I see desperation trying to keep that price under 2030 on Okcoin

nm broke though it finally.

It just spiked up from $330 to $338 on bitstamp, and the funny thing is it didn't take many buy orders to get there.

[RyNinDaCleM]

I see desperation trying to keep that price under 2030 on Okcoin

nm broke though it finally.

It just spiked up from $330 to $338 on bitstamp, and the funny thing is it didn't take many buy orders to get there.

"In Bitcoin, it's better to buy 1BTC and move the market $10 than to buy 10BTC and have the price move $1." -Typical market participant

[chessnut]

This is what I expect to unfold roghly. Although we would have more confidence buying the buy zone if this goes to plan, there is a lot to be said for going long now while it is in the expected buy zone. we are expecting a shallow wave iv as wave ii was deep.

if you get in comfy long here it could be a great medium term holder.

[chessnut]

With a triangle forming on the smaller scale as wave iv, This is the game plan.

EDIT: as the triangle has broken downwards we need to stay above 2009 (wave i) to keep the impulsive count.

[chessnut]

We have made a significant breakthrough that is confirmation of truncated wave V or terminal wave B as expected. This means I am expecting a relentless rally to at least 3000yuan. after this we might retest lows or simply continue to a new ATH.

The market is over extended but we are still so early into this rally that for low leverage traders the risk/reward to buy in this area is still good. Ill be looking for a great buy signal on a dip, but chances are any dips will be shallow from here on and to ride the whole wave we will need to tolerate a stoploss at around 1980 level.

[BitCoinNutJob]

Interesting, so i can get all excited now that my bitcoin is at least going to gain 33%.

I want ATH though

[chessnut]

I think we should expect this. a 0.618 retrace would be an epic buy opportunity.

[Carra23]

We have made a significant breakthrough that is confirmation of truncated wave V or terminal wave B as expected. This means I am expecting a relentless rally to at least 3000yuan.

Bold prediction. Wishing it would come true

I think we should expect this. a 0.618 retrace would be an epic buy opportunity.

Any timescale for this?

[chessnut]

We have made a significant breakthrough that is confirmation of truncated wave V or terminal wave B as expected. This means I am expecting a relentless rally to at least 3000yuan.

Bold prediction. Wishing it would come true

I think we should expect this. a 0.618 retrace would be an epic buy opportunity.

Any timescale for this?

the rally to 3000yuan could take a couple of weeks........ the 0.618 correcton could take 12-24 hours though cant be sure it is under way yet.

[karol]

Hi chessnut,

What do think about current situation - do we have end of correction of yestarday small up trend now or it is still going or didn't even start yet?

[chessnut]

Hi chessnut,

What do think about current situation - do we have end of correction of yestarday small up trend now or it is still going or didn't even start yet?

We need more evidence to tell. my gut says we are not finished the correction but bfx breaks new highs...

[chessnut]

New highs in china, honey badger is here. I could only advise this breakout to buy if you are committed weeks of holding for best risk/reward. target 3000 yuan, stop 1970. thats target 480, stop 322.

gotta stress the importance of holding here, buying here is only for those who have the strength to hold until 3000 yuan. scalpers are in danger. alternatively, scalpers could buy the breakout, stoploss at 2080, or 341, and hope for the next wave to never retrace this point. If you remember the honey badger from 680 may rally, you might be comfortable with this.