Hello, many thanks for the analysis !
I keep trying to invalidate a bearish view that i am seeing on btc on a higher degree of trend, but for me it looks very good from an Elliot waves point of view
Do you think this triangle has higher probability to be bullish or bearish ?
Many thanks!
RE: BITCOIN –Short-Term Update, Bias, & Key Statement for 5-28-2018
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BITCOIN –Short-Term Update, Bias, & Key Statement for 5-28-2018
Thanks for the comment!
The count you present is plausible, however, your E of (B) wave has yet to establish itself - so in that sense - though still plausible, it may be just a tad ahead of itself. Also, your larger degree (B) wave is rather shallow for a retracement relative to that of your initial (A) wave decline.
How the triangle resolves is ultimately contingent upon how the larger degree terminals end up manifesting.
For instance, if your "D" wave turns out to mark a (4) wave base at intermediate degree, then that would elicit a rather bullish resolution. That in fact, is my most bullish prospect at the moment. I am following several bearish alternates as well.
The only and final arbiter of which count or any derivative of such that will end up being correct is the future course of price action as it unfolds. That's why it pays to follow at least 3 most plausible long-term counts, and then monitor the shorter term movements to see they are are all reconciling.
I hope that helps. Nice chart, by the way, @dragosmihai!
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yes, i can see better now :)), thanks !
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