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
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 :)