It's a wonderful day waking up to seeing a big fat green line. :) My main trade is BTC/XVG. I see a micro cup and handle forming. It has been channeling it's first set of waves. I am curious to get your assesment of it's current count. It looks to me that we are in the B wave of the larger ABC correction. When channeling, does the larger trend break out or does the channeling continue? If we were to drop down to the previous 4th I would expect a drop to around mid 700s. Thanks again!
RE: Bitcoin (BTC) Morning Update: And So It Begins.....a Breakout!!
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Bitcoin (BTC) Morning Update: And So It Begins.....a Breakout!!
Forgot to add the current correction looks like a flat correction. Elliott Wave principle, the book you recommended, mentions that we could see a double or triple if we don't get enough downward pressure. Is that a more probable route with a short correction? I know you are busy on all this stuff but if you could cover this topic in one of your videos that would be fantastic!
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I'm not seeing a flat because then B has to be higher than origin of A.
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Please look for update on xvg/btc pair. It'll be posted later today.
I don't think it's an ABC because if current rise is a B it needs to be three wave (abc) but it doesn't look three wavish but five.
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Wow, maybe that means my 1 and 2 count was off. We could have another high to go (1500-1600 potential). The price spike on 4/5 1:00 throws my count off as the last high doesn't have room for a micro 5th. Although it does have another micro wave that could be a truncated 5th. I just read that if the count doesn't make sense then hold and wait. That's what I am doing. Thanks again for posting updates on XVG/BTC!!
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