BTC update 08.11.17 - corrective move invalidated, this is an impulse wave
I was short bitcoin and it lost me some money. Why do I tell you this? Because I don't recommend anyone without years of trading experience to ever short bitcoin.
But because of my Elliott Wave knowledge, I know when to get out, so I did.
Wave c of B may not exceed the 1.618 extension of wave a of B. This is why haejins secondary count is my primary count now. I don't expect a big Wave C down anymore....
It took me too much time to spot this beautiful iSHS pattern, that was right in front of our faces :-(
I will buy in as soon as green wave 4 is done.
Note to myself: If I don't see a crystal clear 5-3-5-3-5, I will not epect it to be wave A anymore. You may not know what this means, but it does not really matter if you are new to Elliott Wave theory.
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If you think this to be useful information:
Feel free to use and share my charts, but please mention me, @ew-and-patterns as the author. Otherwise it is considered plagiarism and I will flag you and advise my friends to do the same.
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DISCLAIMER: I provide trading ideas using EW and Pattern analysis. The material in this post does not constitute any trading advice whatsoever. This is just the way I see the charts and what my trading ideas are. The author of this post is holding positions in this market at the time of this post.
If you make any trades after reading this post it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.
Tell me what you think...
Have a nice day :-)
Thanks for a great update👍 I don't have the balls to short Bitcoin at this time..technicals or not, Bitcoin just keeps climbing👍
I tried to short yesterday evening with little Position... it lasts only 40min for the quick loss 😞
Question is if and when we see a bigger correction. I also took off a little bit 7000ish in order to buy back lower... well, we´ll see ... may be hodl is it
I think we see a bigger short term correction right after the Segwit2x fork...I'm expecting at least 1000$ correction...but probably very short time..Ready to buy if I'm right👍
1000$ would be slightly little.. uh there comes a little Vol in (a 4h bar nearly 900$ hight).
And yes coming fork and coming future will be thrilling. Till now I don´t really understand what a BTC Future settled in USD really means, cause there are no BTC involved, it´s a pure derivate. And how does it affect BTC when Big Boys like to short the Future while BTC is kind of little market for them.
what segwit2x cancelled ?? crazy
See? Damn I am glad that I am out of this short
what platform you using to short ?
My broker offers BTC trading via contract of difference. I am not trading "real" BTC but a derivative that runs very close to the BTC price on my MT4 platform.
Surely Bitcoin is due a massive correction once the coming fork is finished with. There has been a slight recovery for the altcoins in the last few days and I would expect a lot more to flood back in once Bitcoin starts dropping and people run with the profit until next time?
Wasn't that a massive correction ;-) No clue what the fork will bring for bitcoin. But the other firks brought it to the moon..
A good recovery on some of my alt coins anyway. They are all green, for today at least. Might take a few more days to get them back in profit.
I just posted this
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I think we are still due for a heavy retracement,
we failed to make new ATH so the correction is in tact...
goodluck!
I answered on your post too. A double top is unlikely because 1.618 was clearly breached, meaning it is an impulse up.
thx!
fingers crossed that we hit top...
I'm out !!
whoever bought b2x lost all their money .
I hope they knew the risk...
as for BTG I believe it might be a good buy now, but I don't buy btc to buy btg ...
Thank for sharing @ew-and-patterns
Bitcoin jokes about you.
Nope, I will get back 6 times the amount of what I lost today, probably even more :D:D:D 98% certain.
7220 to 10000$ ... will double up after wave 2
Self confidence can make you blind sometimes.
You are right, it can. But I know when my scenario is impossible and get out.
Now bitcoin is 6600 - this it what I was talking about. I am not saying that some day it can't be 10 000, but its not 98% certain.
I worte 20 hours ago in the comments:
ew-and-patterns 61 · 20 hours ago
BTC update: I ended my BTC long trade from yesterday at roughly breakeven. Haejin seems to be right. Expecting lower prices for BTC short term, which I will buy into again...
I have seen it long before it happened. But thanks for your warning. I monitor my trades very closely, but I also hodl.
I made a mistake of mixing up a guideline with a rule.