Jul 19

Bitcoin Price Commentary – July 19th, 2014

1Broker Banner

Hi Everyone,

At this time, I am still waiting for Bitcoin price to make a decisive move in one way or the other. I wrote the following elsewhere on the web, so I decided to post it here for everyone else to see. Good trading!

 

From my post last night, I show through my methods that a directional move is coming. It’s technical analysis, not EWave work. Combining the two tells us that a wave iii UP or DOWN is coming. If you are unsure about the direction Bitcoin is heading right now then wait for a trend to establish itself and hop on in the direction of that trend once it is more clear, as explained in this link [ http://education.afraidtotrade.com/education/elliott-wave-principle/ ], which has always been provided in the ‘Elliott Wave Basics’ section of my site.

Spelled out even more clearly

  • If Bitcoin is in a wave iii down move, price will drop below 608, the wave i down low, before it moves above 642. This is the EWave count from my Thursday post.
  • If Bitcoin is in a wave iii up move, price will rise above 642 (an alternate wave i high, if price is finished correcting moving into a new uptrend) before it drops below 608

 

I consider the trend to be established once the squeeze indicator ‘fires’ either LONG or SHORT.

Leave a Reply

Your email address will not be published.