Bitcoin (The Entire Wave Structure, EXCLUDING the 1st impulse)
Friends, I hope your are all having a lovely start to your week. The attached chart is one that I have decided to add to the Bullish side and one I have personally been reluctant to post. It does do something that many will argue with, and I can accept their push back. It is the idea that Bitcoin is still missing a Grand Final 5th Wave top.
The way we get there is by excluding the first impulse of the infancy of Bitcoin.
The rationale behind it being excluded is simple: There was little to no volume, no real world on ramps, & little to no adoption.
When you exclude the move from $.01 to $30, and actually start the count at $2 you can actually draw out the Grand Elliot wave cycle with each sub waves quite easily.
Please note: I have shifted the Grand cycle waves (1,2,3,4,5 in Bold Black) over to the right to reveal the sub waves (light Black 1,2,3,4,5 and light red for ABC corrective waves) that make up the larger waves.
Suffice it to say, the Grand waves do align with the key tops and bottoms.
Lastly, I included the MONTHLY RSI/Stochastic to reveal where each major low occurred. We are currently there now. These readings are found at the 2nd corrective wave low, the 2nd corrective wave low in our Grand 3rd wave, and now at what could possibly be the bottom of our 4th wave low. EACH LOW ALSO COINCIDED WITH A RETEST OF THE .786 FIB. So all technical factors have been satisfied. While this is a highly contrarian view, it is one that I will post with ZERO shame.
I am not here to acquiesce a position to please others, but merely post the facts on the chart. :)
The way we get there is by excluding the first impulse of the infancy of Bitcoin.
The rationale behind it being excluded is simple: There was little to no volume, no real world on ramps, & little to no adoption.
When you exclude the move from $.01 to $30, and actually start the count at $2 you can actually draw out the Grand Elliot wave cycle with each sub waves quite easily.
Please note: I have shifted the Grand cycle waves (1,2,3,4,5 in Bold Black) over to the right to reveal the sub waves (light Black 1,2,3,4,5 and light red for ABC corrective waves) that make up the larger waves.
Suffice it to say, the Grand waves do align with the key tops and bottoms.
Lastly, I included the MONTHLY RSI/Stochastic to reveal where each major low occurred. We are currently there now. These readings are found at the 2nd corrective wave low, the 2nd corrective wave low in our Grand 3rd wave, and now at what could possibly be the bottom of our 4th wave low. EACH LOW ALSO COINCIDED WITH A RETEST OF THE .786 FIB. So all technical factors have been satisfied. While this is a highly contrarian view, it is one that I will post with ZERO shame.
I am not here to acquiesce a position to please others, but merely post the facts on the chart. :)
JT