Cycle Complete, ABC Correction Looms

BNC:BLX   BraveNewCoin Liquid Index for Bitcoin
Today I bring you somber news crypto nation,

Bitcoin 0.33% has officially completed a 5 wave elliot cycle and now must, much like the prodigal son, return home for a needed rest and by rest I mean an ABC elliot wave correction.

According to what I was able to find on stockcharts.com typically an ABC terminates around the end of previous wave 4, note this is typical behavior but by no means assured.

The end of the 5 wave cycle hypothesis is strengthened when coupled with the formation of and breakdown from a rising wedge (I will zoom in so you can see the breakdown clearer in an update).

I will be sure and update this chart while using it as my primary macro analysis base but will continue to publish new ideas with a look at more immidiete price action.

As always, please leave ANY AND ALL comments below and thank you for taking the time to study my chart.

All the best,

Red Boar
Comment: As promised here is a zoomed in look at the bottom of the rising wedge since bitcoin inception, I have placed 3 different scenarios (green, red and blue) each having the same origin but with a very slight angular deviation to each giving where we concievably have the true bottom of the wedge, as you can see we have broken all three... I will admit defeat and begin to scale in longs as/if any of these three lines are broken..aka small long if blue is broken and held, larger if red is broken and held and all in if green if broken and held. These are the thoughts of a perma bear, take them with caution...

Comment: Still on target! Love it! Should be a fun ride down to triple digits fam :)
It's a parabolic trend, because you're measuring against a national currency.
LOL so the whole thing is a rising wedge? if you drew from the first low to wave 3 bottom, then wave 4 would have been a "break down from rising wedge" but we had wave 5 didn't we? you can draw your lines but you can't make them right!
+1 Reply
Isn't wave 3 supposed to extend longer than wave 5?
+2 Reply
Jeez what a target eh. and here i am thinking I'm a bear. lol
+1 Reply
texagg22 AllenWQatar
@AllenWQatar, :)...gotta be a head turner my man
Good chart. Problem is, the bottom of 2015 post mtgox was artificially held up as well, at the time tether was operational. I can remember people waiting for a test of the $120 which never happened. This can only be possible when tether and finex are forcefully shutdown somewhere next year, because the operators not gonna let the prices fall, as we could have seen from last few months, they artificially prop up the price around 6k.

Since exchanges don't care about bitcoin, but $ only and history tends to repeat itself, low 3 digits I expect as well in such circumstances. This TA meets FA.
+2 Reply
texagg22 CryptoSwindle
@CryptoSwindle, I think the only thing holding up bitcoin at the moment is the fact that everyone that is cashing out ALTS is going into bitcoin...that is it
+1 Reply
@texagg22, This game is run by exchanges and some crooked related inside traders mate. I don't know anyone still in this game, most sold at bubble pop and the last ones were out at 9.6.

This 10 billion usd(t) came from exchanges, not whales. I know many whales got rekt in that 45% pump. When regulated and those exchanges get audited, they will claim hack or cover up their own books, because we know they trade against their clients and coordinate those pumps, there is no way in hell that a normal trader or whale places/spoofs 500-1500 btc wall at the top of a pump on kraken, bitfinex and binance, then remove when is selling. All washtrading their own books.
+1 Reply
texagg22 CryptoSwindle
@CryptoSwindle, it IS the wild west
+1 Reply
@texagg22, Yep, it is
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