One can't find a more beautiful set of five impulsive waves than shown in this chart. Look how nice the form and fit are! Just stunning adherence to all of Elliott Wave rules. Waves 1,2,3,4 are done and wave 5 is now completing. New all time highs are very probable! The key question is what happens after five waves? A corrective retrace in three waves, abc (red).
So, when might this wave v be done? This shorter time frame chart displays the sub-waves (green 1,2,3) are most likely complete and now working on sub-wave 4 and then 5 to complete the top. The abc (red) correction usually goes as deep as the prior wave 4 price region and this means around $250s.
As I've said before, wave 5s are profit taking waves. Sett your exit ladder with rungs that span the price range of wave v and your net liq value in your account will grow positively. No need to pinpoint the top as there is no happiness to be found in that endeavor.
If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTC Wallet - 19gHMJc9wi9KkP47wokz8y4cFNgz1kAAUE
ETH Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
LTC Wallet - LU1mEw1LHvffoWf9VDEVdP7Day4jv6VLqu
EOS Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
The $400 level is a huge psychological barrier on ETH/USD! It looks like ETH prices are getting into overextended territory. We might get another push higher, but me thinks we get a big sell-off after that. Bitcoin looks overextend as well.
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Ditto!
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I'm only in ETH if I need to but I see the mad profits available on these swings.
My question is about fractal patterns that might be seen in the price moves.
I understand these principles but have no idea how they work in charts.
I heard Clif High mention he saw fractal patterens in eth and btc price charts and traders are making a killing on this knowledge.
What charting tools are the best to use?
All my math skills went to electrical/electronics in school, should have taken business/economics, but I can learn anything I set out to!
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Here is a clear example of a fractal in a chart. See how the blue triangle pattern is similar to the white one? What happened with the blue one? Prices surged up. So, fractal says the white triangle could surge up as well.
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Wow! I see the 5 wave in the connect. I'm kinda floored.
Fractal antennas and those crazy pictures got me interested.
There are fractal patterns in nature, like the way a tree grows or a forest develops.
So markets are emotional human driven machines probably have a similar frequency.
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thats deep :p
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I've notice ETH has started to trend with BTC more in the last couple months. I wonder if that leads to the conclusion that when BTC peaks and corrects, ETH will do the same. I've heard some people say they're dropping BTC at the correction and moving monies to ETH. I'm honestly beginning to think that is not a great idea. God....I know nobody wants to hear this, but get back to fiat for safety when the bubble bursts. The other route could very well be to get into the ever growing field of Chinese backed coins that have been on major rises, not necessarily following the same flux of other altcoins that we are seeing right now.
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Well said!
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I agree I like the Chinese and Asian coins but they will be brought down with BTC and ETH at least in the beginning.
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We've seen that prior to Bitcoin Cash fork. People took their fiat out off Bitcoin, and everything dropped to the ground. We should anticipate next price correction on BTC and sell everything on time to fiat, to buy back again at 50% discounted prices :P
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It looks like people are spreading into altcoins tho, many of the top 50 outpace BTC and ETH
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I think that is when people get comfortable with the idea that bitcoin just won't ever quit. Then, internally, people feel more protected expanding their risks in the market because BTC will always be there to back them up. But if it isn't?
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which coins do you like the most ? and do you think they will be immune from BTC crash ?
I'm currently travelling through a number of major asian cities and i'm surprised how few people know much about cryptocurrencies here. I had the impression it was known about way more, but from what I see I'd still say it is a small minority whoo are into crypto.
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It is my personal belief that we (everyone else) are not ready yet to birth another coin into the mainstream. I think it will take another crash. Why? Because the first one made a whole lot of people take notice of a possible investment opportunity that were otherwise ignoring it, brushing it off, or were just not in the loop. Again...just my thoughts....but people taking convincing. I think that once Bitcoin crashes or plummets terribly, more people in the money market will want in. And that will open the gates for a whole new set of people to figure out a few things about it.
By that time, the rebuilding of the market, the rest of us have the obligation to educate new investors and traders on better payment systems based on the blockchain, and also on what the true potential of these systems are. Just today I heard a banking commercial that used the word "blockchain" - it's getting out there. This thing is still a toddler figuring out how to walk. We all fell in love with our first child, but I think we (collectively) will finally be ready to accept the possibility that bitcoin kind of sucks and there are much better options out there.
To me, bitcoin is for making profits on one more time around. Then I think it will essentially be obsolete, or have to share a much larger portion of the market with other coins.
--I would not like to suggest any coins to jump to, I think that would be foolish of me. I think that the safest bet when/if bitcoin turns sharply is to cash out, and go to fiat until the dust settles. Then pump it back in for the rise.
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meep
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is it possible that if bitcoin crashes heavily then ordinary folk may be too scared to put their money into bitcoin ?
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I can see that scenario, but mostly because of the price point. Now that the altcoins have proven to be faster, cheaper, and profitable, I think pointing new comers in that direction is a good thing, as long as they don't go in blind. If they're just throwing money at it, bitcoin is probably the best thing for them anyhow. And with that whole paragraph I wrote up there....that's a positive outlook....on the other side, I also think it could take two more rounds to get more people on board, and that's mostly because it's very difficult for those who are non savvy in this realm to even understand what blockchain is, what cryptocurrency is, etc.....Once the big mainstream banks and business platforms adapt, it will creep more and more into everyone's lives....whether they like it or not really.
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Very good reply thank you ! It is certainly interesting times !
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Yea I see this being a top for now. Volume is way lower than the first ATH and we are at a daily RSI of almost 80. I think everyone from the first buy is going to start selling at a break even.
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Your chart goes to 440... ETH is presently at 384. The all time high was 410. Do I put stops at ?? Anything between 384 and 410 or beyond and beyond 410 in intervals of 5,10? What would your sops be, Haejin?
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Your chart goes to 440... ETH is presently at 384. The all time high was 410. Do I put stops at ?? Anything between 384 and 410 or beyond and beyond 410 in intervals of 5,10? What would your sops be, Haejin?
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