Bitcoin - Last valid bullish EW count was invalidated, what now?
- I studied this market structure for several hours, and my conclusion is that there is no valid Elliott Wave bullish count. Simply, a valid Elliott Wave count does not exist. Is this a problem?
- From the Elliott Wave perspective, there are 2 possible options:
- 1) If we want to stay bullish, we have to accept the fact that a third impulsive wave can sometimes be a diagonal, not only an impulse. which I think could be true.
- 2) This was a huge WXYXZ corrective structure and we must go below 17622 USDT to confirm this count, make a new low, kindly by a wick, and then we can start a brand new uptrend or continue lower to 13-15k.
- Which one of these options do you see? Let me know in the comment section what you think about it!
- This technical analysis shows an impulsive wave with a non-standard diagonal third wave.
- We still have a total of 9 waves, which indicates a bullish movement as per the simple rule that 5, 9, 13, 17,... waves are generally impulsive structures.
- Market structures are not perfect. Sometimes you can see a weird triangle or a weird wedge, as well as a weird impulsive wave.
- I don't trade Bitcoin, because my strategy and system is a strict pattern that occurs only sometimes in the market. That's why I watch 1000+ altcoins and pick only the most promising ones as per my strategy. But I do have Bitcoin for the longterm hodl.
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