Bitcoin Elliott Wave Count
Hey all you Elliott Wavers, what do you think of this count? It's just for fun on my part, mind you - EW isn't my strong suite - but when doing some Fib analysis, this just kind of appeared on the chart. 😐
The target's way up there around $12,500! 😱
I'm trying not to talk about a blow-off top too much in an attempt to be as objective as possible, but I can't resist not saying it again. This is a perfect set-up.
What bitcoin should do and what it will do always seem to be directly inverse of each other. It does tend to defy logic. That said human nature will always remain the same and with it will come boom and bust cycles. When you have this type of appreciation in an asset in such a short amount of time you can rest assured that at some point there will be blood in the streets.... @pawsdog
@cryptographic did you hear about @utopian-io ? Since you make great trading analysis and you also share logo design ideas between others, I think utopian-io can be a good fit for you.
In the last post I made, I added the link to utopian-io and mention about a video @aggroed made explaining a lot about utopian-io in this interview with @elear the creator of utopian-io . This development can help you earn more rewards, with your quality contributions.
In case you are interested, here is the post:
https://steemit.com/utopian-io/@gold84/we-need-the-utopian-io-contribution-tab-on-steemit-a-great-differentiator-to-attract-potential-creative-users-to-earn-rewards-by
Thanks for mentioning it. I'll take a closer look.
@cryptographic you are welcome. In everything I can be of help, just let me know. @gold84
Wave iii was about 3500 yet you have wave v being roughly 7000 from the end of wave iv to your top. I think a 2.0 fib ratio on a wave 5 is excessive. It is was a wave iii, that could work.
As for the $12K blowoff top, somewhere in the 10K-12K range could signal a top before a larger pullback, possible into the range we are in now or even $1000 or so lower.
Good attempt at it...much better that I would have done trying to label the waves...I find that to be a major pain in the rear.
Yeah, without a doubt, that would be one kahuna of a wave! It would be an extended 5th for the record books. Especially if it were to happen in a very short period of time (like the next week or two). We've got a breakout and it's powering higher once again. I don't rule it out.
@cryptographic,
Yeah EW is not the best and you got the best RSI, MA, MACD and STOCH! But what you have analyzed here is very interesting! I don't think BTC will reach 12500 USD in this year! But in the 1st Qtr of the next year it will definitely reach there friend! Great work friend!
Cheers~
You're right. I'm much more a of classical technical analyst.
a little too vertical the blue wave 5 and maybe too long as well... But it seems a good approach...
I would bet for 5 wave reaching next to 11000 USD around the end of January :-)
Very well could be too long. I was really relying mainly on Fib projections based on what BTC has been doing coming into this point. We'll see. The set-up is there and BTC is hot! Or should I say trending? 😱
@cryptographic upvoted and resteemed. So you think Bitcoin may hit 12,500 before the end of the year?
Did you check the last post about the idea of the "Votes Display"?
Here it is in case you would be interested: https://steemit.com/utopian-io/@gold84/we-need-a-votes-display-on-steemit-a-great-differentiator-to-show-the-billion-target-market-of-users-that-they-can-start-earning
It could hit it in a matter of days. 😈
Crazy stuff, I know.
BTW, your votes display idea is another interesting idea, and it looks like I'm not the only one to think so!
Thanks @cryptographic for your feedback on the votes display! Your upvote and support really helps it to be seen by more people, and thus get more suggestions and ideas.
Crazy what can happen for Bitcoin.
@cryptographic have you checked @utopian-io ? Any doubts or questions let me know.
Here is my latest idea about the "steemit mentors link" and its connection with the @steemitworldmap and mentors.
https://steemit.com/utopian-io/@gold84/we-need-the-steemit-mentors-link-on-steemit-together-with-a-team-of-mentors-a-super-feature-for-potential-users-see
Looking forward to your thoughts on this one!
@gold84
As high as this target is, I think it is very reachable- especially with the BOOM in the last few weeks. I honestly believe (based on my analysis) that BTC will peak at ~14K by the end of Q1 next year- and it feels GREAT to say!
Thanks for sharing!
I gave up on reading charts..there is nothing we ever seen before like bitcoin. basically there are no comparison sources that can show where bitcoin will hit in few months or years.
excellent analysis based on elliott wave count. impressive post @cryptographic
@resteemia