BTC Is definitely on his Last wave to hit the 4700 Level.
I'm Answering to many question I've got on my Telegram : 1: How to Qualify a real Elliot Wave ? 2: What could we be expecting in the future of BTC ?
1: Believe it or not, there are only three rules when it comes to interpreting Elliott Wave. There are many guidelines, but only three HARD rules. These are unbreakable. Guidelines, on the other hand, are bendable and subject to interpretation. Furthermore, these rules only apply to a 5-wave impulse sequence. Correction, which are much more complicated, are given more leeway when it comes to interpretation.
Rule 1: Wave 2 cannot retrace more than 100% of Wave 1. Rule 2: Wave 3 can never be the shortest of the three impulse waves. Rule 3: Wave 4 can never overlap Wave 1.
2: Combining a basic 5 wave impulse sequence with a basic 3 wave corrective sequence yields a complete Elliott Wave sequence, which is a total of 8 waves. According to Elliott, this complete sequence is divided into two distinct phases: the impulse phase and the corrective phase. The abc corrective phase represents a correction of the larger impulse phase.
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Love this. I find it so funny that I see so many people using Elliot wave to be bullish and say bitcoin is only going to go up. I am new to crypto and Elliot Wave, but I thought this same pattern was obvious - we still have a major fifth wave DOWN, but I find you are one of the only ones saying this.
You rock.
CryptoDjet
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@Pamtown, Hey Thanks ! if you are new to Crypto and seen this you've got a great eye ! I've seen the elliot move for weeks now and I don't understand how people could of miss that 5th wave... My Student Seen it all coming and even beginners ! hahah
Thanks for your support ! It's always fun to get awesome comments like this !
Cheers !
Wolverinos
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If you draw a correctional cycle within a bigger correction, then after your ABC, there should be another descending cycle 12345 which can be called your bigger wave C (if the 12345 you've drawn is correctional wave A) That's a little far to predict, but I should have loved to see the completion of your correction... here's a scenario I've made on Feb 8... also a possibility, likely with what you probably tend to explain.
About the overlapping wave rule, you are right and not right. In crypto this isn't always the case, minor overlapping stages can happen.
In a ascending trend this should be the rule, but in an descending trend, that is not always the case. BTW, in a normal correction this is an ABC or an ABCDE, and at the moment it's an ABC, so there's no overlapping rule anyway.
CryptoDjet
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@Wolverinos, I can see what you mean... I think... My personal opinion is that it's too soon to predict with accuracy what is gona happen with low risk.
Thank you for your opinion and Knowledge !
shytrader
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Why do you think its gonna stop at 4700 and not touch the bottom of the channel? I think we gonna pierce it, get to 2.5k or so, for a bull wick.
CryptoDjet
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@ShyHots, It might be possible for BTC to hit 2500 area, it won't last for long in my opinion. The second thing is that the 5th wave is unlikely to be a lot stronger than wave 3. I don't expect BTC to hit the 2500 area and I would risk putting my buy order at 2500 rather than 4700 areas
zoran83ns
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bla bla bla bla bla x 10000000 all of u doing some charting and ur never right, please post one of ur TA for BTC that was right!!!!! stop with fuds, fomo and other bs cause charting dont work ur just trying to drive btc down so u can buy in cheap. Just admit it
CryptoDjet
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@zoran83ns, Thank you for your opinion my friend! I don't believe that I have the Ultimate true on this chart ONLY the Future knows. My trading plan is to minimize risk and predict what I believe its true from my TA and point of view. I would defiantly prefer the BTC To rise to the sky, but I don't think it will happen before the final drop.
Cheers
SilverStar_Trading
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I believe your chart is 100% accurate but didn't wave 4 overlap wave 1?
CryptoDjet
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@SilverStar84, Your Question is great and I'm happy that you asked !
When we say : Wave 4 can never overlap Wave 1. .. What we don't want to see is this : (ETHUSD)
You have to take the trend in the volume on his lowest low and Highest high and the reason is simple, the market is EXTREMELY volatile and emotional. At the end of the Day I should of place the (1) a Little Higher.
You rock.