Post
Topic
Board Speculation
Re: Bitcoin Breakout Alert! 🚀
by
adaseb
on 10/06/2024, 05:07:44 UTC
Bitcoin is continuing its uptrend following the Elliott waves pattern. Currently, it's trading within a symmetric triangle pattern, which typically breaks in the direction of the prevailing trend. Get ready for a big move after the breakout

Out of all the different trading technical analysis out there, Elliott waves is the only one that I could never trade properly.

I had software which could detect all the waves but what you don't understand is that in hindsight it seems easy to find out what wave you are in but in reality you might be in a different wave than you originally assumed. I find that when backtesting it seems to produce good results but its very difficult to implement in practise. So this is why I don't think elliott waves should be used as a reliable indicator to make trades.