In this analysis I combined Elliott and Wyckoff. If the bullish scenario (green) plays out, the Wyckoff analysis is is valid and we have formed a base. But if we can't get over the 50% retracement(7100USD), means that we just making a correction in a bigger impuls wave. The Volume at the bottom is certainly a bullish sign.
Since the market moved sideways the last 2 weeks and there is no indication in which direction the market will break out. I wait till there is a clear break out in one direction and then play either the long or short side but not necessarily in bitcoin.
Whereas I'm not necessarily that bullish on LTC long term (just a BTC testnet). But this is a nice breakout setup. We have nice support from previous lows and highs, the 88% retracement and the support of the pennant in the 55 USD area. Therefor we would have to make one more leg down, which is also necessary to finish the E-wave. Entry: 50USD - 55USD Stop:...
First I thought we had made the correction with the breakout of the pennant but as we went lower it invalidated the setup. Now I came to the conclusion that we are in a bigger triangle correction and I also came to a reasonable wave count. Whereas every wave of triangle correction consists of 3 sub-waves we have to finish the last E-wave. A good entry point would...
Maybe someone lucky reads this besides me. If so feel free to leave your opinion:) First I thought Ethereum has made a triangle ABCDE-Correction and has started a new cycle . But when Eth went below the earlier low and the trendlines this was not a probable possibility anymore. So I came to the conclusion that the assumed new cycle was a failed impuls wave,...
As you can see both charts show a descending triangle formation which isn't necessarily bearish. First they made a triangle with a very steep descending resistance line. Then after they broke the resistance they formed a flatter resistance line. In both cases they touched or nearly touched the support 3 times. Whereas in 2014 BTC broke down at the 3rd touch and...
Most of the Alts look like they are in a accumulation zone. And especially EOS remembers me of Wyckoff´s Accumulation schematic. We have high Volume at the SC(Selling Climax) which indicates a change from "dumb" to "smart" money(look at the Bitfinex chart to see it more clearly). Followed by the AR(Automatic Rally) and the ST(Secondary Test). The we have a...