SUMMARY
The below Cup & Handle pattern was introduced last week and shown as having a double symmetrical patterns.
Usually the Handle pattern coincides with either wave 2 or 4 and thus the degree of retrace depends on which. Since wave 2 retraces usually 50% of wave 1; it can result in a deeper correction. Howver, given how lateral the price is moving this is likely the action type of wave 4.
My primary count is shown below where price is channeling between two parallel lines. IF this is correct, then BTC/GAS should start rising towards the D wave and then decline in wave E. Most parallel line prive moves complete the five abcde waves and are unlikely to breakout at wave D without completing the E wave. Triangles are known to do this but much more unlikely for channels.
Legal Disclaimer: 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.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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BCH/USD
Descending right triangle
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BCH/USD
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To all the people saying the analysis is useless zig zag and is "changing all the time" - to make use of any technical analysis you have to understand how to trade off it.
Elliott Wave is based on probabilities, it's not a crystal ball. That means it can show you good places to enter with great risk to reward ratio. However, the market can also decide not to take the setup, and invalidate. That doesn't mean that the prior analysis was wrong - it just means the market didn't take the setup.
Say there is a 1-2 count in place. You place a trade at the bottom of 2 and set a stop or alert just below the start of 1. If it follows through, look for projected targets of waves 3 and 5 to take profit. If the setup fails and price goes below the start of wave 1, stop out and wait for the next one.
"The trade will come to you." Especially if you get the hard work, i.e. the analysis, for free.
Bitcoin to $10k!? https://steemit.com/bitcoin/@investingtips/i-m-now-bullish-on-bitcoin
Nice info and great reply thanks.
haejin would it be possible to get your analysis on Verge? Thanks
haejin would it be possible to get your analysis on Verge? Thanks
What is a handle?
The Cup & Handle pattern can be found here:
http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:cup_with_handle_continuation
appreciate the post
I up vote you
Man u r awesome. How much work u do on bitcoin ..making the graphs and continuously studing the market the ups and downs.
All to give the information to others
Thums up for yeah
You are very correct in that analysis. Excellent work
Excellent man. You analyze this efficiently
AIRDROPS for free coins check my blog: https://steemit.com/@s3cr3t. Most take 20s.
Thx for TA ofc. and have nice day.
Hi @haejin, does the recent news concerning Bitfinex running a decentralised exchange on the EOS platform change your idea about the likelihood of BTS running on EOS, and the longterm price prediction of $342?
BTS cannot run on EOS with current fee structure.
Once again, everybody should have listened to Dan, who suggested no-fee with inflation.
No fee exchange running on EOS will ultimately prevail.
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It doesn’t change the projection or prospects. If BTS runs on the EOS, it’ll be faster and wider on acceptance.
Thank you for your answer :)
please voteback..
thanx