Looking At How Bitcoin Is Unfolding

As things unfold with the Bitcoin chart the clearer things become. Usually it's not clear until the pattern unfolds that you know where your at.

First look at the patterns that hold true:

• The ending diagonal is important. An ending diagonal is an ending wave....... period. The 5 wave wedge in the chart ended the corrective wave ABC from December 2017 to December 2018.

• So, if you have a corrective wave pattern ending, that means there's a new one beginning. There are only to directions up and down or impulse and corrective. It's not clear if we're into a new impulse wave up........ or are we? Well, the second chart shows an impulse wave and it fits the rules of an impulse wave.
  1 - Wave two may never retrace more than 100% of wave one
  2 - Wave three may never be the shortest impulse wave of waves one, three and five. It does not have to be the longest, but it may never be the shortest
  3 - Wave four may never end in the price territory of wave one.

A simple way to know your in a corrective is the overlap in the wave structure and we certainly see that.

• After an impulse wave is a corrective wave and it's basically ABC (A down, B up, C down) and then after the corrective is done, an impulse begins.

The trick to it all is..... When dose the corrective wave end?

Well...... If we're correct on the analysis this far and we know what's true..... therefore..... we shouldn't go below the December 2018 low.

• Wave one completed...... that's true.
• After wave 1 comes wave 2 and wave 2 is a corrective and shouldn't close below the previous low, if does then the analysis is all wrong.
• After wave 2 is complete comes wave 3.... the longest and fastest of all the waves. I suspect that we saw wave 3 in 2017.... perhaps not...... that's a tricky one. I suspect we finished off wave 4 in December 2018 and we're going into the final wave ............ wave 5 (larger degree).

I know I jumped around a lot with this and it's confusing. I'm not a trainer and don't have time to explain
Keeping it simple, we're in a corrective right now with a down move into perhaps the middle of April. If it's a simple corrective ABC and complex. We should see a sharp move up.... fast and furious.

I don't only use Elliott wave...... I also use time cycles, Fibonacci, channels, moving averages...

I don't see the price going below the December 2018 low, however, my analysis could be wrong and I would have readjust my analysis.

There's a ton of information on the internet regarding Elliott Wave. It's complicated at first but if you can count to five it shouldn't be a problem.

I should also add that the charts below is off of Bitmex.

All data and information provided is for informational purposes only. Trend Wizard makes no representations as to accuracy, completeness, currentness, suitability, or validity of any information in this post and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. All information is provided on an as-is basis. I document this stuff for personal reasons as a log and share with the community...... only because I'm a nice person.

So in ending........ Use critical thinking and think for yourself.