[BTC market analysis] Explosion exceeded $ 15000!Is it a downward shift at the upper limit of the daily channel?Explaining the method of Elliott wave-Part2-[2020/11 / 2-11 / 8]
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Last week's Bitcoin quote review
We will analyze and review the market price of BTC/USD from June 11st to June 2th.
Last week's highlights
Looking back over the past week, the points I would like to pay attention to areBreaking the conscious line at the weekly level, rising to $ 16000That's the point.
The above image is an hourly chart of BTC USD.
The movement of the last week is displayed with a red arrow.
As you can see, there was a big uptrend.
I think the event called the US presidential election is also related, but it was a technically uptrend, so it's no wonder.
And the long from $ 10, which I have been holding since October, made a profit at $ 11150 on Friday, November 11th.
For an entry for $ 11150, please see the article on Wednesday, October 10th.
Please see the article on November 11th (Friday) for details on profitability.
It was a fairly long position, but I think it was a good trade because I was able to catch a big trend by repeating partial profits on the way.
Congratulations to those who have taken long hair and those who have made profit.
From here on, there are concerns about a drop in adjustments, so be careful.
Explaining the method of Elliott wave
TodayElliott Wave Method-Part2-I would like to introduce.
Elliott wave can be said to be my main method, and it has become an indispensable technical in daily market analysis.
It is an excellent technical that can understand the essence of the market, so please master it.
Elliott wave will be a considerable amount to explain, so I will explain it in several weeks.
This is a continuation of last week's article, so if you haven't read it yet, please read last week's article first and then read today's article.
Elliott wave, explaining the characteristics of each wave
This time, Elliott WaveCharacteristics of each waveI will explain.
It will be a very important time, so please take a closer look.
First, I will explain based on the waveform of BTCUSD from December 2019, 12 to January 18, 2020.
The actual chart is below.
You can see that it has a very beautiful 5 wave formation.
I will proceed with the explanation based on this waveform.
Skeptical rise in the first wave
First, the first wave of the Elliott wave, which we define as a "skeptical rise."
In other words, it is very difficult to read the return of the downtrend and the big uptrend coming from here.
I showed you the chart that has already been completed, but the past chart that showed only the first wave is as follows.
As you can see, it is very difficult to judge that it is the first wave at this point.
Next, I will explain the second wave.
The second wave seems to be a continuation of the downtrend
I would like you to see it as a continuation of the first wave, but like this, the second wave isContinuation of the downtrendLooks like.
However, after this, a big rising wave will come.
Next, I will explain the second wave.
The third wave starts to rise
The third wave isStart of big rise.
You can see that it has risen significantly from the end of the second wave.
If you can enter in the first move of this third wave, you can make a big profit.
4th wave adjusts uptrend
The fourth wave is the uptrend adjustment wave.
And the principle of Elliott wave that I wrote in the previous article"The fall of the 4th wave never falls below the top of the 1st wave.Is effective, and it is easy for support conversion to occur.
In fact, we are switching to support this time as well.
One of the methods is to enter with the initial movement of 4 waves.
The fifth wave is the continuation and end of the uptrend
The fifth wave is the continuation and end of the uptrend.
Here, one Elliott wave makes a break.
As you can see, it's easy to look back at the finished chart, but it's very difficult to look ahead from the actual moving chart.
However, if you analyze and verify the past charts and practice, you will be able to read the market price.
By all means, please grasp the characteristics of each wave firmly and analyze the market price.
Next week, it goes great with Elliott Wave"Fibonacci"I will explain.
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Outlook this week
I will explain the market outlook for this week.
First of all, please see the daily bar.
As I wrote in last week's article, we have reached the upper limit of the ascending channel at the daily level.
From here, it is likely that adjustments will be returned, so it is difficult to open a new position.
① Further high price update
② Downtrend change
There are two choices.
It will be easier to sell if technicals such as head and shoulders come out, but I have not confirmed it yet.
For the time being, keep watchingWait for the trend change.
This is the end of this week's market price analysis and review.
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