1.
Starting with the big picture, and no indicators I drew the path based on simple visual balance and symmetry. It looks to me bitcoin is currently drawing a large equilibrium triangle. I think of this as fading echoes from a dramatic wave up then down. Almost like a seizmagraph or an audio wave after a sudden percussion.
These echoes are getting smaller and tighter, once they flatten out, something will then catalyze movement. It could well be news, bad or good. It could go either way, however I think it may go down sharply and put in the real bottom before authentic recovery can happen.
2.
Then I drew the grand fibonacci pulling from $200 to almost $2000 as that appeared to be the location of the first significant impulse after long sideways action. It also seemed balanced in that it represents very close to 10x increase.
3.
Noticing the two fractals (waves 1+2 and 3+4 both look much like the grand wave 1+2) I pulled a fib on the 1 wave ($1759.79 - $4984.49) Notice reactions to the higher levels of this, even recently.
4.
I then started counting the waves as I see them: I think believe bitcoin is now in the fifth wave down of the larger C correction wave.
I believe we can look for capitulation to the top of the 1 wave with a possible pierce down to the .786 - this is in the range of $4984.49 to $4408.47 it should be quite fast and dramatic, only lasting a short period and then the bottom will be in for the 2 wave on the largest scale as we begin the 3 wave.
I'm not sure I have the first 5 down count after the ATH correct, it's quite chaotic up there and I see several ways to count it, and I'm not an advanced enough Elliotician to know all the rules, but I don't think it matters much on the larger scale.
5. Even though I hand drew that line just eyeballing it, I noticed that I have capitulations happening on July 4. Independence day in USA.
Curious.
Note: I'm no pro. I'm very new to Elliot wave principals. I am a creative professional and artist with visual pattern skills and intuition.
Starting with the big picture, and no indicators I drew the path based on simple visual balance and symmetry. It looks to me bitcoin is currently drawing a large equilibrium triangle. I think of this as fading echoes from a dramatic wave up then down. Almost like a seizmagraph or an audio wave after a sudden percussion.
These echoes are getting smaller and tighter, once they flatten out, something will then catalyze movement. It could well be news, bad or good. It could go either way, however I think it may go down sharply and put in the real bottom before authentic recovery can happen.
2.
Then I drew the grand fibonacci pulling from $200 to almost $2000 as that appeared to be the location of the first significant impulse after long sideways action. It also seemed balanced in that it represents very close to 10x increase.
3.
Noticing the two fractals (waves 1+2 and 3+4 both look much like the grand wave 1+2) I pulled a fib on the 1 wave ($1759.79 - $4984.49) Notice reactions to the higher levels of this, even recently.
4.
I then started counting the waves as I see them: I think believe bitcoin is now in the fifth wave down of the larger C correction wave.
I believe we can look for capitulation to the top of the 1 wave with a possible pierce down to the .786 - this is in the range of $4984.49 to $4408.47 it should be quite fast and dramatic, only lasting a short period and then the bottom will be in for the 2 wave on the largest scale as we begin the 3 wave.
I'm not sure I have the first 5 down count after the ATH correct, it's quite chaotic up there and I see several ways to count it, and I'm not an advanced enough Elliotician to know all the rules, but I don't think it matters much on the larger scale.
5. Even though I hand drew that line just eyeballing it, I noticed that I have capitulations happening on July 4. Independence day in USA.
Curious.
Note: I'm no pro. I'm very new to Elliot wave principals. I am a creative professional and artist with visual pattern skills and intuition.