You can count Elliott waves across all liquid asset classes. Stocks, bonds, commodities, forex, cryptocurrencies -- they all display the same wave patterns. The Elliott Wave Theory is a form of technical analysis that looks for recurrent long-term price patterns related to persistent changes in investor sentiment. Counting waves is a skill that comes with practice and proper application of the rules described below. It is a good idea to start applying a wave-count to a. DARK PLACES KATE GRENVILLE SUMMARY OF MACBETH
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However, things got complicated with the last correction. BTC failed to hold above the previous main high, entering the price area of intermediate wave 1. One of the main rules of Elliott wave is "wave 4 never enter the price area of wave 1 unless in a diagonal triangle". I do not think this one was wave 4 of primary wave 5. I believe considering this scenario that we are in wave 2 of intermediate wave 3 of primary wave 5.
To make it simple, BTC is in the correction before the most aggressive impulse wave wave 3 , which will bring BTC to k in the short term months. As you can appreciate from the chart, I believe the wave count fits this idea well with this retracement. This scenario considers the last wave up an extended wave 1 with wave 2 retracing to the 0. This is very much possible.
However, what makes me sceptical is this retracement entering the price of the previous intermediate wave 1 July till September impulse wave. Considering this scenario, BTC is now bottoming out and will start a very aggressive wave 3 soon, with the final target at k perfectly fitting the main primary cycle idea.
Although this was my preferred scenario, I consider now this a possible scenario placing this idea as the second most likely wave count. As previously explained in other ideas and videos, the recent retracement was far more aggressive than expected. This has pushed the previous scenario explained back due to the price entering the price area of the previous impulsive wave.
This has caused me to think that BTC is probably forming an ascending triangle. This is a very common correction pattern in wave 4 as it takes longer than a simple correction Flat, ZigZag and creates a solid base accumulation for the next strong impulse wave Wave 5. As it can be appreciated from the chart, triangles are formed by 5 waves which each subdivide into 3 waves This fits the current price action well, especially with the recent two impulse wave being almost identical in price movement, which is typical of ZigZags correction characteristic of a triangle.
Each wave often retraces 0. Such areas are regarded as very low-risk because they offer attractive investment opportunities with a greater chance of success and a higher risk-to-reward ratio. Bitcoin is currently the largest blockchain network by market capitalization, followed by Ethereum, Bitcoin Cash, Ripple and Litecoin. In its essence, cryptocurrency is just a virtual or digital currency. The technology used in cryptocurrency is highly revolutionizing, as cryptographic operations securitize it.
This enables the cryptocurrencies to fight against the traditional bank policies regarding double-spending and counterfeit systems. Most of the cryptocurrencies with a high market cap are decentralized, which means they exist on such networks with blockchain technology.
What is blockchain? A blockchain is a technology that ingrains all the registered and recorded data of different regions. In regards to cryptocurrencies, the information and data are collected when the transactions take place. In short, the data is the transaction history.
Thus, it elucidates how possession has changed over time. Types of Cryptocurrency Looking at the past, the first most popular and blockchain technology-based cryptocurrency was Bitcoin. Currently, thousands of cryptocurrencies have been launched; these digital currencies have varying values and are considered either clones of bitcoin or better than bitcoin.
Some cryptocurrencies, such as Dash, have lower transaction time than the king of all cryptocurrencies, Bitcoin. However, these currencies are well-known in the crypto world and withhold most of the market cap in this digital financial market. How do cryptocurrency markets work? As you must have heard, cryptocurrencies are dominantly decentralized. This certainly means that they do not have any regulating authority, such as a central bank or any higher authority.
They operate through different computer networks, and you can buy these cryptocurrencies via other exchanges and store them in your crypto wallets! What is cryptocurrency trading? Cryptocurrency trading has become a popular subject over the past year. Due to the volatility of these markets, they can be highly subjective to huge profits and losses. However, if you are a good trader, you can make excellent profits from these markets. Some of the well-known cryptocurrency exchanges are Coinbase, eToro, Binance, and Gemini.
After opening the brokerage account, you can fund it and select any crypto currency you wish to trade! However, it is crucial to have a trading system before entering the volatile markets such as the crypto market.
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