Why DID I Turn Bullish?

Heading home shortly and will be on soon. 

 FYI...Seeing some questions on why I turned bullish without seeing the V down on some charts. it's simple: Wave 4 resistance. In general wave 4 retraces .382 of wave 3, but often in cryptos it goes as deep as .5. That is in log, not linear. Over that without that 5, i have to talk turncation in cryptos. Equities don't trucnate much. Bitcoin truncated many times in 2017 and I've seen it in Ether. So, I'm always ready. I don't play v down in C's very often and often start buying in the third, but small.

Log matters in cryptos due to the ranges. You can get away with linear in forex / equity day trading, but it is way off in cryptos. 

Wave 4 Resistance = (Wave 3 end / Wave  2 begin)^.5*(Wave 3 end)

Note that log matters a lot  in cryptos due to the percentile ranges involved. You can get away with linear in forex / equity day trading, but it is way off in cryptos. 

This gets a little dicey if you get 3 up into resistance, but many many coins, including XVG, RDD, etc gave a clean 5 up into that resistance and is now pushing through, perhaps in heart of a third. 

I had spent the last couple days up to the bottom marking that wave 4 resistance for that reason and I even a couple times said, watch for truncation. Maybe I sensed a disturbance in the blockchain. Really a lot of luck in that we may have so much truncation, but regardless we put out objective levels that matter using our Fib pinball. 

WE STILL have many hurdles to break out in new highs. this is just the first step. I'm not calling the all clear. But the probabilities on most I'm tracking have swung to the long side IMO

I hope that helps. See you soon

Ryan Wilday hosts the Cryptocurrency Trading service on ElliottWaveTrader.net.