As of today, Bitcoin price is at a crucial moment which is due for major movement.
I decided to start a series of daily updates on my prediction using Elliot wave theory and share it with any curious onlookers or anyone else learning to trade with Elliot wave.
Disclaimer: This is not financial advice, and again, I'm NOT an expert in Elliot wave but have been getting into day trading full-time and stand to be corrected by anyone who care to share their findings here.
As a first chart below, it's a daily chart of Bitcoin from it's top at 20,000 till-date. It's a busy chart, but I just want to give an overview of how I've started counting and where it's leading me to.
We are in a correction phase down, and bitcoin needs to go through some kind of "corrective waves" before it'll resume the previous trend up. For simplicity, I've plotted the common ABC corrective waves, focusing on the last wave C since that's where I'm most concern now - that it, to predict WHEN it will come to an end.
The best time to "buy the dip" is at the end of the correction, and according to the Elliot Wave theory, it'll be at point (C).
Now, do note that I am bias towards another dip, and there are other alternate counts which may not take this path. Technical analysis is not a crystal ball, it may show high probability paths but never the exact outcome, everytime. This is what many onlookers need to understand, before down-voting me for a wrong analysis or counts.
Remember that I'm also learning, and if you're like me, I will love to have your charts and comments down below.
Okay, with that disclaimer sorted out, let me continue....
Above is the zoomed-in chart with the 1-hour candles. Compare it to the first chart for a perspective.
My first goal a few days ago was to count the subwaves of the wave 4 (yellow 4), that's where I've been counting the waves down to miniscule level (using 5min charts). These steps are important in order to verify that the larger waves are valid. It can be tedious, but necessary.
Until the next chart...