Bitcoin may suffer a deep correction by the end of the year

in #bitcoin • 7 years ago

Dear Steemians,
I don't want to be a "prophet of doom" with Bitcoin, I am not even an expert trader neither a Technical Analysis but, as I am playing with the counts on Elliot-waves technical Analysis I am getting more and more concerned about the possible near evolution of Bitcoin price.

That's why I would like to share with you a simple Chart in which I draw an Elliot-waves count:

This is a 1-day chart that I zoomed out to see the historical progress of BTC during the last 5 months.

As you can see, seems that BTC has completed 5 waves of a total of 8 wave cycles that, according to Elliot Waves Technics, corresponds to a typical bullish impulse wave. The 3 remaining waves to complete the 8 wave cycle theory are supposed to be correctives waves.

If I did it correctly, BTC should enter in a downward impulsive wave ((a) in the chart) followed by a corrective wave ((b)) and intermediately after, another impulsive wave ((c)) completing the whole cycle.

The point ((c)) should be placed somewhere close to the ((IV)) level point, so around 4000$, but not deeper I guess.

As you can see, I tried to follow similar trending patterns to draw the lines and it looks to me that they are pretty consistent with the BTC historical chart.

I mean, this is only an interpretation of the future, many scenarios may happen and no one can put his hand in the fire stating to be 100% sure.

I don't know when exactly will happen but looks like a possible deep correction is coming...maybe before the end of the year.

What do you think?

Is there any other TA or any other way to count the Elliot waves that will refuse this interpretation?

Let me know.

Cheers!

#cryptocurrency #trading #analysis #money
7 years ago in #bitcoin by
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     7 years ago (edited)

    You are right. But the more you talk about it, the sooner it will happen..!! 😧
    TA is a self-fulfilling prophecy

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     7 years ago 

    Yeah, thanks for commenting

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       7 years ago 

      @cmtzco has voted on behalf of @minnowpond.
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         7 years ago 

        My previous analysis had put it roughly at 10k before major retracement. This might be short term due to BCG.

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