My take on current BTC action using Elliot Wave Theory (impulse waves)

General Discussion
#1

I agree with Jim here now on BTC. I believe majority of all these cryptos are now back in sync. However, BTC is very possibly a wave degree ahead of anything else. My counts using EWT has bitcoin to complete its correction in the primary wave 4 and then head for a new ATH in wave 5…possibly other alt coins are just now crrecting in a wave 2 with a wave 3 up to come. However currenty looking at this top of around 49k is showing a leading diagonal…a five wave structure but the internals are all 3’s, so to me this wave at 49k approx has now topped out just before 50k. Basically bigger picture …leading diagonals are impulses into wave A or a wave 1…my favoured count is that this is wave A of a larger C wave down (sorry for being such a bear :D)… therefore the usual targets would be 76 or 100% of the first wave (ATH of 69k to 29k)…so target is 25k or even 16k…if you’re more bearish ofc. Personally I want to see 21K for me to buy into crypto again. This is my take using EWT and to be honest i believe I am in good shape with this methodolgy so please keep in mind what Jim is saying and also what I have put here, as I don’t want to see the people in this community losing money. I have a special fund i use for crypto and also living in england I am unable to short it. However, if i was to buy for a run I am currently looking at maybe buying Neo, stella or Ether. I’m not a financial advisor just my take using elliot wave theory for my own forecasting.

BAM Investor is not a licensed broker, broker-dealer, market maker, investment banker, investment advisor, analyst or underwriter. Our discussions, analysis and predictions are derived by our interpretation of our proprietary model’s readings, and should not be misconstrued as an investment recommendation or advice in any form. It should be clearly understood by anyone viewing this site or related materials that investing in the stock market carries with it inherent risks and uncertainties. The actual results of a stock or commodity or currency could differ materially from descriptions given. There is a risk for substantial losses trading securities and commodities. Material and commentary provided is for information purposes only and should not be construed as an offer or solicitation of an offer to buy or sell any securities.

The information contained on this website and any subsequent reports or articles are based on analysis of qualitative, statistical, and financial data and should not be interpreted as recommendations based on a complete investment evaluation. The information is based on sources that BAMinvestor believes to be reliable, but no representation, express or implied, is made with respect to the accuracy, completeness, reliability, or timeliness. The information is subject to change without notice, and BAMinvestor does not accept responsibility to update it.

BAMinvestor does not accept responsibility or liability for any direct, indirect, special, consequential, or other losses or damages of any kind whatsoever arising out of access to, or use of, any reports or information contained in it.

Principals or employees of BAMinvestor may have a position in, and may from time to time purchase or sell, securities of any company discussed in this report.