1. Expanding leading diagonal
2. The middle of some 3rd of 3rd junction still accelerating to the downdside
All in all adding evidence to our Bitcoin forecast.
We forecast followthrough to the downside resulting into a 5-wave pattern.
There has been non-confirmation between various cryptos reaching a new top. Moreover the drop last week was significant and across the board. Moreover we see also a sentiment shift within crypto investors arguing that Bitcoin is less good to some other alternatives. Their main arguments being energy consumption and transaction speed.
1. A concentration of termination patterns of multiple degree elliott waves on December 17th 2017
2. The impulsive swing from December 17th into the December 22nd low
3. A risk appetite shift from the leader (Bitcoin) to the laggards (Altcoins)
Nevertheless, we should be highly aware that the bitcoin may also carry on its trend to the upside and extend into higher highs. The alternative count in red shows an illustrative pattern of this case.
However, we weight the black count with a higher probability. Our base case is another spike into the 18k before the relief rally fades.