If you look at the RSI over the course of the years, you see that the highs are getting weaker and weaker. What? How can a peak of $11,000 or even $8000 be less strong than a peak of $770? Strength of volume, compared to price (simply put). What goes up, must come down. The harder it goes up, the harder it comes down. According to my Elliot wave analysis, this will most likely retrace 50-61.8% loss on this gain, heck, it may even retrace more and I would not at the LEAST be surprised. Remember that on an Elliot Wave analysis, when you reach the top of Wave 5, it will retrace the ENTIRE length of the gain. Guess what guys, This is wave 5 of a gain from as low of $680. That being said, my targets for this retracement (now that we know the high) are:
Target 1: $7250 (38.2%)
Target 2: $5934 (50%)
Target 3: $4560 (61.8%)
And possibly Target 4: $2815 (78.6%)
This is not good. Hopefully our 100Day moving average will come save us like it has in the past, but it's not looking good, my friends. My money is out of the market. I don't try to play around with corrections. But when the dust settles, and everyone is "done with cryptocurrencies" is when I'll re-enter. I don't believe this will ever be over, but I believe in healthy growth. And cryptocurrency will never gain the trust of the world until supply and competition is increased to then allow a healthy growth for distribution of the market. Sometimes these things "corrections" (This is more-so a crash) can take a while. Unfortunately, in the cryptocurrency world, a while a just... days.
Having one asset dominating an entire asset class is not always a good thing. In my humble opinion, this is not good for cryptocurrency. As much as I love the idea of a decentralized currency, I completely hate trading with BTC being the denominated currency. I prefer stop losses and sell limits, but I can't trust anything like that with a denominated coin that is so volatile in price it makes this whole industry non-trade friendly. There's a lot of problems going on in my opinion, a lot of corruption. Whether things are decentralized or government regulated, you are always going to have corruption. But now I'm rambling. I'll see you all at the top after the avalanche drops!