WRT Bitcoin, I believe we in a large wave IV correction that will take us into the $900's. I'm very willing to be wrong, but that isn't going to stop me from me putting my money where my mouth is. But I trade range by range and I see this last one coming to termination. Time to drop. I'm not sure I've ever seen a more beautiful B wave wedge. Atomic Wedgie if you will. During my last update I suggested we are headed for a B wave top before the next C wave, likely into $1500's perhaps as low as the 13's.
STOP ON THE TRADE IS $2700. Don't risk more than you are willing to lose at that price.
A reference on how I trade: https://steemit.com/cryptocurrency/@wildtrader/how-i-trade-cryptos-using-elliot-wave-theory
Disclaimer:
Trading crytpos is like swimming with sharks. These are unregulated markets. While I'm providing some analysis, the risk is all yours. You can get hacked, raided, and scalped. These markets can be thin and predators lurk. Do not put any money in cryptos than you can afford to lose. Always use two factor authentication on your accounts. And, regularly take profits out and trade something else
ETH: 0x214100463968649031A9D6E6A6C5B9aDdE540e29
BTC: 14Y4V2hFUKzQZe3rVJ8cTphv583FiRvgqS
That's a scary prediction from you on today's great market. Made me re-think my portfolio management by tonight.
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I don't intend to scare. I just have to call the structure. I would make sure it makes sense to you before following me and making drastic moves. But even if you saw the market going another way, you should always have a stop out and be comfortable if the market runs that.
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Do you feel your EWT trading strategies work well for crypto's? Given that crypto is still relatively young and has less than 1% of the global population involved, the fact that many exchanges have been over flooded with new users activations, that it makes technical trading very hard? Also since the market lacks many of the players that traditional stock market has, also makes me think if the crypto market currently is a different animal.
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I am up 28X now in 2017 using Elliot Wave. Granted I could have done about that just riding ETH from the breakout at roughly $10. But we have to have points in trading where we take risk off and take profit or we'll never make it as traders. So, I am doing well and so have confidence in it. There are some differences in character between equities and cryptos on how they behave 'elliotwise'. And, there are unique characteristics of each crypto. But that is the same with all markets. Natural Gas has its own EW characters, as does Gold and the SP500 etc etc.
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I wrote a lengthy post on EWT about this. I'll post it here when I have some time. It used to be there were 3 of us on the site trading Ether last year. We've grown to about 20 or so now and I'm one of two resident, well study elliot folks so I've taken on much of the coaching.
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I have $1601 on bitfinex as an a=c low. Do you use the a=c to estimate the size of wave C? If not, what metric do you use? Is the a=c or the 1-2 fib extension more accurate in your opinion? Thanks.
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I use that as the first level target but what I do is pay attention to how the C wave unfolds. The first 1-2 of the C wave gives me the preferred target as a 2.0 extension. But I make sure I use log calculations for all cryptos because the ranges are so much higher. So, and A=C calcuation is: =(F16/F15)^1*F17. F16 is where the A wave ends, F15 starts, and F17 is the B wave top. That will give you a more accurate A=C you'll find in cryptos and then also look at 1.236 and 1.382.
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Took me some time but I think I figured it out! Thanks! :-)
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