Giving you an update to our previous bitcoin price prediction, in which we discussed how bitcoin might be entering its fifth ((5) time scale) and final momentum wave down.
Looking at the bitcoin price right now, it seems to be that the correction wave 2 has ended, showing us a beautiful zigzag pattern ((a)(b)(c)). Even though timing might be off, the prediction of 9800 USD was absolutely spot on! It seems that we are now entering momentum wave 3, which ends near a price of approximately 6300 dollar. This is also a support area and our previous low from February the 6th.
MACD and RSI both have room to go into lower regions. One note, the green trend line in the MACD oscillator has yet to broken downwards. Prices could bounce and a close eye on the price is required.
Original post:
Komen
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The ZigZag correction was elongated to be a WXY correction. Wave 2 is finished and we are now in wave 3.
Hi. Thank you for your posts. Can you recommend any books for trading?
DeWit
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@samiswilf, Thank you for your support! I do not really know any books to recommend, but I do use the website investopedia . com a lot.
samiswilf
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@DeWit, I'm trying to learn how to overlay elliot waves on a price chart. I notice sometimes there's a single line through a zig zag. For example, between Feb 6 labeled (3) and March 5 labeled (4), you have one line, even though there was an intermediary up and down from Feb 20 to Feb 25. Do you know of any good source that can help me learn which zig zags are minor and not part of an elliot wave count?
DeWit
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@samiswilf, Not really no. The problem is, it is quite subjective how one draws the elliott waves. There are numerous traders that would count that zigzag not as minor waves but part of the overall trend. Only time will tell, that is the problem. Just practice, make mistakes and adjust. Never go all in for a single strategy.