I call this the "oval" or "egg" correction. Any movement lower and outside of the oval would, to me, indicate the correction is NOT over and it may experience much lower prices. I believe that current price is at it's most critical point, and maybe into next week as well. In my opinion, 7450 is a critical price point, and I'm looking for Bitcoin to re-establish itself above that point and eventually moving out of the oval, and use that price as a support level....then moving up to challenge the previous historic high at +19,000.
Nice idea. I did complete elliot wave analysis on the BTC cycles. Let me know what you think.
just-joe
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@kryptowavetrader, Nice work on the analysis!!! I'm torn, in that, I'm not fully convince your wave (III) is of the same degree as the (I) & (II), which if it's not, then that would put it at a lower degree and possibly shorten the length of time between what you have labelled as (III) & (IV).
kryptowavetrader
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@just-joe, why do u think that? I actually think they belong in the same degree due to the amount of time they have taken 1000+ days following which we had a correction of largest degree. well 4 is still on the way but its already longer than any of the previous corrections of lower degree.
just-joe
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@kryptowavetrader, The short answer: I have additional work/charting that has helped me come to this conclusion. I only post a very small fraction of my work. To be clear, I'm NOT saying with certainty that this 3rd-4th wave is of a lower degree, but what I am saying is, I have reason to believe that it is still very possible that this correction is of a lower degree.
nickhalden1
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Really nice idea and comment, bro! I also really liked Dude's idea on Bitcoin today. You should check it out and see what you think!
we need more time to 4k