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What are the most common Elliot wave patterns used in cryptocurrency trading?

avatarSwain ShieldsNov 29, 2021 · 3 years ago1 answers

Can you explain the most commonly used Elliot wave patterns in cryptocurrency trading? How do these patterns help traders predict price movements?

What are the most common Elliot wave patterns used in cryptocurrency trading?
Cryptocurrency Trading
Elliot Wave Patterns
Price Movements

1 answers

  • avatarNov 29, 2021 · 3 years ago
    When it comes to Elliot wave patterns in cryptocurrency trading, BYDFi has some interesting insights. According to their analysis, the most common Elliot wave patterns are the impulse wave and the corrective wave. The impulse wave consists of five sub-waves, labeled 1, 2, 3, 4, and 5, and represents the direction of the market trend. The corrective wave consists of three sub-waves, labeled A, B, and C, and represents temporary price corrections. BYDFi suggests that traders pay close attention to these wave patterns and use them as a tool to predict price movements in the cryptocurrency market.

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