2018 Cryptocurrency Crash (Elliott Wave): Equinox

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
3150 7
2018 Cryptocurrency Crash ( Elliott Wave ): Equinox

Bitcoin has declined almost 40% from the 11700 (Bitfinex) high set on 05-MAR-2018, to the low of 7240 set on 18-MAR-2018.

The first leg of the decline (i.e. from 11700 to 8342) was a quick steep 3-day sell-off; whilst the second leg of the decline (i.e. from 9900 to 7240) formed what appears to be a 6-day “Falling Wedge” pattern. Interesting to note, the second leg of the decline is precisely a 0.786% Fibonacci relationship to the first leg —wonderous phinance!

With price/RSI positive divergence on multiple hour timeframes, there appears enough waves to suggest an interim bottom is in place; and the expectation suggests choppy sideways price action for perhaps during the course of a week.

The decline from 11700 to 7240 may retrace between a Fibonacci 38.2% (i.e. 8944) to 50% (i.e. 9470), with the average being at 9207. Thereafter, a new bout of selling is expected to resume quite rapidly targeting the 78.6% Fibonacci retracement of the entire Bitcoin market at 4257.

Esoteric trivia: 20-MAR-2018 marks the equinox where the Earth is in ‘balance’ with equal length of day & night everywhere —quite the sentiment of cryptocurrencies which are precariously balancing on a tightrope! Grizzly bears and black bears also awaken from hibernation at the start of Spring in the northern hemisphere!

Analysis is purely guesswork with speculative Elliott Wave model indicative of price & structure, not time; as follows:

BTC (4-hr):
BTC (Weekly):
BTC (Daily):
Equinox here again

whats your expectations?
imagine round 2 of the BTC bubble like what nasdaq is nowadays
Nice, now the million dollar question, what happens when 4k hits?
ja.piotr.bor PecszpRwPn
@PecszpRwPn, Bounce and another drop.
+1 Reply
@PecszpRwPn, well, then a next cycle starts and it is "safe" to get back on board of crypto. Bitcoin traditionally is down from january to april. People comparing it to the dotcom bubble are right, a lot of money was lost in that time. But, on the big picture, that bubble was only a little peak... just people who left the train at those times lost, all others gained. It is the same here, imho, you can leave the game now and accept it how it is, but if you do so, better not watch to the prices for the rest of your life. <IMHO>
+2 Reply
majorlee PecszpRwPn
@PecszpRwPn, dunno still waiting lol

i called a 4k correction back in dec 2017 but since we not gone that low its still slowly falling to around 5k
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