Bitcoin Elliott Wave Analysis

I think we already reversed at $6K, as evidenced by the formations (and lack of retraces) in the rally that followed up to $11,700. Now we've retraced that pump all the way back to the magic 0.705 zone, and are primed for the next run-up. Could we drop a little further? to the 0.764? more?? sure -- but you're better off dollar cost averaging your buys down here instead of chasing the PERFECT bottom, only to get stuck in the gutter as the rocket leaves the launch pad. So I'm quite happy to have bought $7700, and will buy again $7350 and $6950 -- because going up from here, on the right wing of this harmonic pattern, I'm not going to look back and care that much about a few hundred dollars at the entry point :P

• ronfkingswanson