BTCUSD: Elliot Wave 2014 vs 2018, The Case for the Bulls!!!
Diupdate
Intro: By now you should be sick of the 2014 vs 2018 BTC comparisons BUT there are uncanny parallels between these two corrections regarding their ABC corrections and the Fibonacci Extensions. Here's what I'm seeing:
1) Three Lower Lows in 2014 and 2018 create our A correction (Zig-Zag Pattern).
2) The A correction DROPS about 70% in both 2014 and 2018.
3) Both C waves have a 0.786 Fibonacci extension.
4) A symmetrical triangle formation develops after the ABC correction to the downside.
5) An ABC correction forms to the upside.
6) The C Correction to the upside COULD reach the 1.618 in 2018 just like it did in 2014.
What Invalidates this analysis? A drop below the 2018 low ($5774.72 on Bitstamp).
Disclaimer: This is not advice. Entering a trade at this moment presents a massive reward and a low risk if the C wave extends to 1.618 Fib number and we hold the 2018 low. Even better, reaching the 1.618 fib extension means higher highs and a confirmation of a reversal.
Please comment and like: This is a learning community and your comments or questions make a difference.
BTCUSD
Take a look at my Gann Fan Analysis:
https://www.tradingview.com/chart/BTCUSD/Zz5BVHi9-BTCUSD-Why-Gann-May-be-showing-us-the-BEAR-market-is-over/
1) Three Lower Lows in 2014 and 2018 create our A correction (Zig-Zag Pattern).
2) The A correction DROPS about 70% in both 2014 and 2018.
3) Both C waves have a 0.786 Fibonacci extension.
4) A symmetrical triangle formation develops after the ABC correction to the downside.
5) An ABC correction forms to the upside.
6) The C Correction to the upside COULD reach the 1.618 in 2018 just like it did in 2014.
What Invalidates this analysis? A drop below the 2018 low ($5774.72 on Bitstamp).
Disclaimer: This is not advice. Entering a trade at this moment presents a massive reward and a low risk if the C wave extends to 1.618 Fib number and we hold the 2018 low. Even better, reaching the 1.618 fib extension means higher highs and a confirmation of a reversal.
Please comment and like: This is a learning community and your comments or questions make a difference.
BTCUSDTake a look at my Gann Fan Analysis:
https://www.tradingview.com/chart/BTCUSD/Zz5BVHi9-BTCUSD-Why-Gann-May-be-showing-us-the-BEAR-market-is-over/
Catatan
There's been confusion on the double ABC labeling. I've gotten into a bad habit of labeling an WXY as a greater ABC but to avoid any confusion the ABC in RED should be a WXY label instead. Happy trading everyone.
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