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Don't wait for long consolidation around the 4 hour 200 ema

As the LINK market is in an uptrend for a while now before retracing from its ATH, I don't expect it to consolidate longer around the 4 hour 200 ema as it did earlier. Instead I expect a bounce on it which can take it to 30000 sats and consolidate at that area to continue higher.

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It is actually that the bounce took it to 29k sats where it is consolidating now. Expecting a minor pullback towards 27k level before making a power move upward. Will be adding 25% more capital at 27k level. I entered this trade at 24k sats.

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Limit order executed at 27k sats

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As this is last wave of LINK's bull run after which it will have a correction, the market maker will desperately try to push the price lower below 22.5k sats to consume more liquidity from the stops below. Be prepared for such a move. Do not panic sell thinking it will go down. Be patient. Strong trending markets like these do not generally reverse without a reversal pattern like a double top or triple top or wyckoff distribution or Head and shoulders., etc

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Potential scenario. If you are a day trader you can catch both moves. I personally will not close and re-enter this trade at any instant till it touches 50k. This makes me do the TA correctly.

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Looking at the big consolidation going on, It seems that we will probably be printing a red candle this week. A shake out before wave 5. We are currently in sub-wave C of the 4th wave.

A look at the BNBUSDT market

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Some more TA

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A mistake in the elliot wave analysis in the above chart

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Not

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Serious stop hunting going on. Stay focused.

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Market maker successfully triggered the stops at 22.5k sats level. Have to see if he still has plans to hit stops at 22k and 20k levels.

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I feel that the stop hunting session had been finished.

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If you find, there is a battle going on between greed and patience inside you, do not let the greed win. If your trading system gives you a buy signal and you made a trade plan to long a trade, let the market take time to perform after longing it. Do not hop from one market to another in between. You will miserably fail.

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After studying and practising Elliot double and triple combinations I analysed the wave 4 of this market. Our current wave 4 is undergoing double combination elliot correction.

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It may even trend sideways

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I'm done with my analysis on this correction. It is moving sideways which means it is building a strong base for a break out. Anytime now.

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This market is teaching us many things. I came to know of the Elliott wave theory guideline that in standard impulsive patterns, wave-2 should NEVER consume less Time than wave-1 (from beginning to end) AND wave-4 should never consume less Time than wave-3 (from beginning to end). Based on this, we cannot expect our wave 5 to start before August 1st. Till then market moves sideways(small ups and downs will be there). I am making a notes on Elliot wave theory and connecting all the dots in it. Will share it with everyone one day.

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Wave 5 starting 2 days earlier??

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Wave 4 bottomed out at 0.00020872 btc.

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Looks like it is heading to hit the stops below 20k sats

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Shared a new article to analyse this market -

LINK - Elliott wave analysis from 4/8/19 - Learner's module

karthiksai

Feragatname

Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.

karthiksai