Bullcount update:
I am counting white waves 1 and 2 from the 6070$ low. Also yellow subwaves 1 and 2 of white wave 3 might have formed already. If so, BTC should start the next pump very soon.
Its just a small start, but it looks promising. Non-(EW)believers could use the coinbase news (listing a lot more coins) to rationalize the expected pump.
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Interesting count. My primary count is that the first 5 subwaves from the current bottom is forming a 1st wave leading diagonal (as shown in my latest post https://steemit.com/bitcoin/@benkalashnikov/bitcoin-mid-term-view-neutral )
Is this a count you would consider?
I believe we have the same overall count, it's just the subcount that differs.
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No, because this cannot be a leading diagonal. Overlapping in 1 and 4 is a requirement for an LD.
But your white wave 2 can be a failed 5, so you cant start the count from there without an LD.
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But you are right, it does not matter much, only the subcount is different. But in my opinion yours is not a valid count because of no overlap.
And wave A usually does not hit 62%. Wave C does that.
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Ah! Thanks
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Some jump and positivity shown in graph. Hope it will gain high
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Hahaha!
The non-believers will always find an explanation afterwards but never before.
I am fully aligned with your EW count
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You think after either of these scenarios it confirms a trend reversal or just before the plunge to 5k or so?
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I don't understand your question. Both pics belong to the same bullish scenario of a new big wave A or C or 1 upwards.
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Sorry, probably didn’t write the question in the best way.
I was asking if this is basically a short term upwards, or confirming a new upward trend, which you’ve now answered.
I guess my question comes from a place of seeing other analysts drawing potential for upwards to around 6500-7500 before an expected plunge to 4500-5000..
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Yes, the low @ 5770 is a contender for a short- or midterm bottom, which might later turn out to be the bottom of this entire correction. There is no way to know that for sure now. Much more price action is needed. Maybe around christmas or early 2019 we might have a definite answer for that.
The good thing is that 62% retrace did hold strong which gives this low a good chance to be a wave 2 leading upwards from now on.
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Thanks, makes sense. Will certainly be interesting to see play out.
This correction has surely shaken a lot of people out the market already!
I’m just sitting tight and buying occasionally more here & there on low dips..
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I'll go with the 1st chart. Btc may move up to 6800 and retrace thereafter.
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