TraderEye Market View: Bitcoin is on the way to the shuffle hack ?

Sunday, June 2, 2024

Bitcoin is on the way to the shuffle hack ?

The father of wave theory would have been happy to see this pattern in Bitcoin !

Ralph Nelson Elliott (28 July 1871 – 15 January 1948) was an American accountant and author whose study of stock market data led him to develop the Wave Principle, a description of the cyclical nature of trader psychology and a form of technical analysis. It identifies trends and reversals in financial markets. These cyclical patterns in price movements are known among practitioners of the method as Elliott waves. (Frost, A.J.; Prechter, Robert R., Jr. (2005). Elliott Wave Principle (10th ed.). Gainesville, GA: New Classics Library. p. 9.)

Attached is a theoretical model of a symmetrical bullish converging triangle pattern:

Attached is a 4-hour chart of Bitcoin that includes a head and shoulders pattern that has materialized followed by a symmetrical converging triangle pattern according to Ralph Elliott's wave theory:

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