ThanatVichachai

BTC forms sub-wave a of C non-standard in [Day timeframe cycle]

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Where are we?
Bitcoin is the most popular coin at this moment, last time I heard about bitcoin around in Mar the price was around 7000$ but unbelievable 9 months passed, it rallies up to 30000$. This phenomenon indicates that we are in a powerful impulse wave of a supercycle. We can not count wave three as an impulse wave because wave 2 does not comply with the rule of degree [ next wave must always retrace at least 1/3 of a former wave - it means wave 2 must retrace at least 1/3 of wave 1 Ex. In this chart wave, 1 should be at 12529. 05 level so 1/3 of 12529. 05 = 3758.71 so the level of wave 2 must be lower than or equal to 12520. 05 - 3758.71 = 8770.34 but the price is not reached. That's why I label wave in the non-standard small x wave term or WXY. First, "W" we got zigzag which wave a has 5 sub-waves: wave b has 3 sub-waves and it's strong bc failure flat: wave c has 5 waves and it should move very strong upward. The book "Mastering Elliott wave by Glenn Neely" states that wave c of the elongated zigzag must retrace more than 161.8% a which is around 35000$.

Ans: We are in the

Then we zoom in on wave c we will notice that wave c also forms zigzag upward, I label waves with the red color this one we can't guarantee that uptrend is impulse standard or non-standard. So I label 1 or (A) and 2 or (B). It is very strong to make elongated zigzag in elongated zigzag . You can notice that wave 2 or (B) is in the form of strong b-c failure like the bigger cycle. By the way, the corrective process is already finished. We are currently in wave (C) I further label sub-waves of wave (C) as a non-standard small x wave because it moves in the trendline channel, I can count it more than 5 sub-waves, and also it breaks the essential construction rule So after the x wave corrects the previous zigzag . It's now ready to form the next upside wave, mostly it will form another zigzag to make a double zigzag . In conclusion, we are in the wave an after wave x correct former zigzag in wave 3 or (C) and wave (C) in wave x3 of supercycle.

How to trade?
I must admit that bitcoin is one of the most difficult things to trade on Earth. I don't recommend you to make a short term trade. Think long term, it has the potential to change the world so in the future their chance of soaring up more price is possible. So if I must trade I will but right now some amount of it For someone who wants a better opportunity you can wait to wave a to complete, it may complete at the resistance zone in the blue horizontal line that I plot or higher but after that, It'll correct but I think not that much because the previous zigzag: wave b retraced around 38.2% of wave a.

Ans: My suggestion is to buy it
Warning!!!
Manage your capital very well don't, be too confident - This is just one of the idea that I analyze based on my own experience of learning Elliott wave analysis - Decide by yourself
"Don’t focus on making money, focus on protecting what you have."
Thanat Vichachai