Bitcoin
Long

School of hard knocks

94
So right now I am coming up with a list of signs that signify the bottom. Incorrectly identifying the bottom is a horrible mistake I don't want to make again.

Sign #9 I shall now label as the most important: "must look like the start of other impulse waves and less like the start of corrective waves".

When you examine the characteristics of what you think is a bounce, it can have all the signs of previous bounces. But when you zoom out so you can actually see other impulse waves and corrective waves to compare on the same screen, it quickly becomes apparent which one the wave more closely resembles. I wish I did that, because then I would have seen that this bounce looks a lot like other corrective waves, and not like other impulse waves.

For now, i don't know where the price will bounce. I've heard different numbers from different analysts: Off the previous bottom $7250? Off $6000? Off $4800? See - I'm not the only one who's wrong - most people are going to be wrong.

But of course I hate being wrong. I want to increase my success rate. Right now btc is tracking in a limbo for me. I am not able to determine the bottom. Elliott Wave provides no answers since the 12345ABC wave count was wrong, and other Elliott Wave patterns are useless for determining possible bottoms. As for support lines - all a guess IMO. $7550 for example was a strong support line and BTC just blew straight through it.

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