Well that happened fast... Those of you who were following me the past few days have seen the power of proper Elliot waves counts, Combined with TA to make bottom calls. Now that we have price action confirming my Count and TA... The Correction 100% over and we are now witnessing the First impulse wave to the upside. Check out the analysis here with each post linking to an earlier one. https://www.publish0x.com/the-infinite-banker/bitcoin-bottomed-ta-update-xmkjxmy
I'll be posting an updated wave count when they before a little more clear to me and as well as some Fib targets in the coming posts and days.
Most people who think Elliot wave is Bogus, are simply mistaken by their own failings and shortcomings. Elliot wave is merely a measurement of Social Mood and gives current moves a context... No other type of TA does this. A way to confirm waves is by News. At bottoms, like we just witnessed we will see negative news. At tops we will see very positive news like when we were at 42k and a 300,000 options contract come out for speculators. That was really positive.
Here is an example https://www.coindesk.com/bitcoin-drops-dollar-bounces-ahead-of-federal-reserve-rate-announcement
The red circle is when the article came out
Most news reporters are late to the game and only report on what just happened... In this case, the reporter was already reporting on what price has already priced in... Nothing really happened and in fact, the opposite occurred... I can show many examples of this sort of thing.
Here is another two that occurred on the 21st and 22nd which was at a bottom marked as the first red circle here and the second red circle is a reference to the article on the 27th which is posted above.
https://www.coindesk.com/guggenheim-minerd-bitcoin-top
https://www.coindesk.com/bitcoin-faces-further-losses-before-rally-restarts-say-analysts
As you now see even the Cio started being negative right at the bottom. The next photo will show the waves in comparison.
All the articles referenced today are negatives articles at the bottom. Remember this next time your looking to the "news" for guidance. Instead, do the opposite. Even that can still mess you up if your not tracking waves as I've shown above. They coincide with bad news and good news, but only at the end of moves.
Now that I feel I've explained social mood and how Elliot waves track it I'll now bring your focus up the photo 2 without waves. We see bitcoin has pierced it with a vengeance and what appears to be a 4th wave currently on some degree. I will update the count in the next couple of posts. What I expect price to test the line it passed which sits around 36k. However, with the truncated fifth wave I'm expecting this move to be absolutely powerful, so it may never actually get down to the 36 region. If it does, BUY!!!
Moving Forward, I'm expecting this new fresh leg of the current bull to extend into Late May- Early July. This is what it did in 2017 FYI. It seems to be going with this exact blueprint.
With this move, Alt season will explode going into the summer before resting and then making everyone breathless as we go into winter and 2022. This is the time frame I predict will be a top based on Elliot waves on multiple degrees, Historic rallies in 2013 and 2017.
Now take that prediction with a grain of salt but based on halvings, waves, history, cycles and the current environment. I comfortable with this prediction as I know we have yet to see a primary wave 3 to end which will be at the end of this run into the summer. Primary wave 4 should run in the summer and then the final wave 5 peek going into Christmas and the new year.
Another reason I think this is the time signatures between the halvings and tops. But I'll save that little charm for another post.
I hope I showed some value of Elliots waves and how they relate to news.
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