Recently people have been asking me my opinion of Crypto Currencies so I've decided, due to this growing interest, to start doing a few forecast charts.
We'll start with the most popular and add more as I understand more about them. I'll continue to post Fx forecasts as usual.
Using simple logic and wave theory bitcoin currently looks like it needs to correct before making any more major advances. Can it advance from here? Yes. Is it likely to advance from here without correcting No. Remember trading is about probabilities and the first rule of trading is to protect your capital. For this reason if it advances from here I'm not in. If you look the chart you'll see a few trend lines which indicate the recent price advances. The bottom line shows the complete impulsive move up from it's lowly beginnings to the present price. It includes the corrections we've seen along that path. The upper trend line shows the latest impulsive move which is not fully corrected in my opinion.
It is entirely possible that the complete move up will be corrected over the coming month or so. ( see copied bar pattern in blue)
The reality is that no one knows what is going to happen but you should always be looking for the high probability trades and at the moment it does not include a long trade on bitcoin.
Corrections are generally harder to trade than impulses but corrections also contain impulsive moves so it you see a short trade set up it may be worth taking a punt.
First rule of trading - Protect you capital
Any one trying to learn Elliott Wave Theory can find a FREE comprehensive Building Blocks video course on my website. See my profile for the link.
You can also follow updates via twitter (link from my TV profile)
Always wait for an entry set up before risking your money.
This is not investment advice - it is purely for educational and discussion purposes.
Your Ideas, comments and questions welcome
Good luck Steve Nixon
We'll start with the most popular and add more as I understand more about them. I'll continue to post Fx forecasts as usual.
Using simple logic and wave theory bitcoin currently looks like it needs to correct before making any more major advances. Can it advance from here? Yes. Is it likely to advance from here without correcting No. Remember trading is about probabilities and the first rule of trading is to protect your capital. For this reason if it advances from here I'm not in. If you look the chart you'll see a few trend lines which indicate the recent price advances. The bottom line shows the complete impulsive move up from it's lowly beginnings to the present price. It includes the corrections we've seen along that path. The upper trend line shows the latest impulsive move which is not fully corrected in my opinion.
It is entirely possible that the complete move up will be corrected over the coming month or so. ( see copied bar pattern in blue)
The reality is that no one knows what is going to happen but you should always be looking for the high probability trades and at the moment it does not include a long trade on bitcoin.
Corrections are generally harder to trade than impulses but corrections also contain impulsive moves so it you see a short trade set up it may be worth taking a punt.
First rule of trading - Protect you capital
Any one trying to learn Elliott Wave Theory can find a FREE comprehensive Building Blocks video course on my website. See my profile for the link.
You can also follow updates via twitter (link from my TV profile)
Always wait for an entry set up before risking your money.
This is not investment advice - it is purely for educational and discussion purposes.
Your Ideas, comments and questions welcome
Good luck Steve Nixon
评论:
评论:
We could be getting an A B C correction. I'll be looking for a short trade set up from here. If it goes long so be it, I'm not in because it is not a high probability trade at the moment.
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