The chart is a bit of a mess due to the number of fibonacci extension lines. Take note that my primary count is that Bitcoin will go down. This has a fundamental bias as I have been advocating that it has turned into a dangerous hype, a mania. Look, it doesn't matter if Bitcoin really does serve a function or not, mania doesn't bother itself with it.
However, a good Elliott Waver always have an alternate count and that is where the light purple line show. I will be validated on the primary count when Bitcoin breaks new low and invalidated (i.e. activate the alternate count) when the recent high is breached. For now, the bet is to short Bitcoin (or since it can't be shorted, sell off the holdings).
Komen
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I would like to mention a very crucial information here: that wave (1) for alternate count (or wave (4) for primary count) unfolds in 5 waves and thus alternate count is actually a very valid count. However, it doesn't change the short term outlook that Bitcoin is projected to fall until $6219. I will update as prices unfolds.
Komen
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Bitcoin almost hit my "realistic price target" when it fell to $7000. However, without actually breaking any critical prices up or down, we still have to maintain BOTH the primary and alternate count. This means that I will not touch Bitcoin until the price tells me very clearly where it wants to go.
Dagangan ditutup: sasaran tercapai
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Price almost hit my target before a reversal but doesn't matter. Bitcoin is now a long. Please see my latest idea on Bitcoin.
@danielmuliawan, haha... Time will tell whether it have sense or not. I think I'll keep it. I can't be 100% on all ideas and I prefer to keep my wrong ones also as a record. Good luck!
trickzter
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lol
CryptoBuzzAnalyst
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You have no idea what your talking about!
sngyuchao
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@CryptoBuzzAnalyst, thanks for the comment! Haha... But note this, I am a chartist and I draw information from what the price pattern tells me (although this time I did add a macro bias to it). No matter whether Bitcoin is gonna survive or not, the short-term view is that it will fall from this $9000 price.
Good luck to you too! :)
CryptoBuzzAnalyst
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@sngyuchao, You have no idea what your talking about!
sngyuchao
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@CryptoBuzzAnalyst, hmm... you have no idea what I'm talking about actually I'm afraid. But doesn't matter. That's why the market always have both buyers and sellers. :)