bitcoin

The very BIG picture

BITSTAMP:BTCUSD   Bitcoin / Dolar
I have zoomed out several times trying to figure out BTCUSD             market, after trying to find answers on the past I finally decided to see the very BIG picture. So the first thing I spotted was a possible very BIG 5 waves formation and we are still beginning wave 4 with more 2 crashes to go in 2018 to have a complete ABCDE correction and finally start the all might extended 5 wave where people will get crazy and live only to buy crypto ! But until there we need to survive ! I have imagined two possible paths, one nearly close to 2014 where it rebounds a lot, near 17K, in order to cross the mean and start the 2nd crash, and another where it don't cross the mean, maybe hit it and come for an inner ABC where BC             is the 2nd crash and finally the 3rd crash where almost everyone will get broke and panic will be widespread with everyone calling crypto "ded"
So, this "bear market" is going to extend 406 days since December 2017 when the correction started, and go well into 2019, before the next run starts?

With the steam behind the tech, and mass media focusing on crypto, this seems highly unlikely.

You don't need elliot waves, and fancy fib circles to nail down the fact that this is the beginning of a technological adoption curve.
Balas
bitcoin crypto_teller
@crypto_teller, thanks for your comments, this view is based on TA alone, on 2014 there was also steam, media, etc, but all this is not TA. Don't take this emotionally, the 406 days was chosen without any technical measure despite the fact it can be close to 2014. There is a lot going on and this scenario will not be precise. This is just a BIG picture scenario and perspective I published for free so you can make some use of it or not. This is not some emotional attack to the BULLs.
Balas
Love it! Gotta think big picture.

I noticed you have two 5 wave counts in your wave 3.

I have the same sub wave counts as well on my chart. The way I was seeing it was as a five count subwave of the larger wave 3.

So I would say those Elliott cycles were 1 of 3 and 3 of 3...it's entirely possible we hit a 5 of 3 before beginning a larger wave 4.
Balas
bitcoin whoisthelorax
@whoisthelorax, thanks, appreciate ! The way I thought the major wave 3 was an inner ABC with AB with 5 waves and BC another 5 waves, that B wave was so tricky ! I used to count waves but relaxed ones, not strict EW !
Balas
bitcoin bitcoin
@bitcoin, XA 5 waves then BC more 5, AB the little bit tricky one !
Balas
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