BTCUSD - Elliott Correction to the Mean

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
I know everyone's on the "BTC Moon Lambo" hype train right now, but reality shows a regression in Elliott Wave fashion.

Peaking out in a $16K hockey stick today, and I've seen people draw comparison to Amazon, Netflix -0.10% , Apple 0.28% , and whatever other stocks fit their mold, but the harsh reality is that Bitcoin 13.55% is MySpace, maybe even Friendster. They've kicked in the door in and sprinted into the room - but, first man in the room gets shot. Long term, this isn't going to last.

RSI is maxed out. Squeeze is peaked. Everything is primed for a rough crash. BTC 13.55% to drop down to the $11K range due to initial panic, a Bull Trap at $14K leads to a pull down to the long term support line at $10K.
we could be in wave 3 of 3 of 3 at the moment to as an alternative count, target of the primary 3 would be pretty moonish
+1 Reply
epaka skumeone
@skumeone, Very true. Depending how far back you chart, we could simply be in Wave 1 of a groundbreaking, industry shattering new technology. All I know about the crypto market and the new money investing in it, is that there are wild panic swings in both Bull and Bear directions. We'll see how it shakes out!
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LoL World’s biggest banks reportedly want to halt bitcoin futures launch.
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epaka Infoductive
@Infoductive, After what happened during the proposed fork, I'm not surprised. So many people lost ALL of their money in futures of a coin that never came to fruition. I feel badly for people just entering the market for the first time. It's easy to feel like you know what you're doing in a bull market.
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100% agree!!!
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epaka brianmichaelf
@brianmichaelf, Thanks! What other coins are you following?
@epaka, as of now, I'm completely sidelining until this Dec 10 futures thing passes. I do hold XRP, ETH, LTC, and LSK, however.
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epaka brianmichaelf
@brianmichaelf, I'm with you. Just pulled out of DCR, XZC, LTC, most of my XLM. Holding a small amount of BTC to transfer into Alts during the crash. Make a little last minute profit. We'll see how it goes!
@epaka, nice! Best of luck to you!
I dont think so.

The wave 5 never could > wave 3 your count is not ok.

Instead of that BTC could be on wave 3 the larger one.
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