Rank: Elder Joined: 10/11/2006 Posts: 2,304
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mnandii wrote: The chart shows the outlook I have for bitcoin. I still maintain that a move below $150 is necessary to complete the correction which started at the >$1000 high. The recent move that bitcoin made to $500 must have fooled alot of people. As shown in this chart it was a (B) wave. Elliott Wave Principle describes B waves as phonies. Text: "B waves are phonies. They are sucker plays, bull traps, speculators' paradise, orgies of odd-lotter mentality or expressions of dumb institutional complacency (or both).....If the analyst can easily say to himself, "There is something wrong with this market", chances are it's a B wave. " . This is precisely what happened. People got trapped into thinking we have a new bull market in bitcoin, price rose to above $500 only to fall back below $400 in a matter of hours. This is a perfect lession in Elliott waves. We know that 5-wave moves determine the direction of the market. Therefore for us to proclaim that the bull market in bitcoin has resumed, we MUST get a five wave move upwards since a low. Looking at the chart in the low area marked (A) at about $150 and the move up to $500 it is clearly corrective (and thus the reason I have marked it W X Y). Bitcoin is going to provide a nice opportunity to go long soon. In fact if you look at the blue horizontal line displaying $85.14 and then you look to the left of the chart, you will notice two converging trendlines. That is a triangle and is the area of the previous 4th wave when bitcoin was rising to above $1000. I expect bitcoin to bottom at about $85 dollars and that will be your opportunity to buy aggressively. Conventional thinkers waste time building shelters when they are unnecessary and then have no shelters when they need them the most. Socionomists do the opposite.
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