There are different Dynamics at play now than back in March. Elliot wave and fib analysis is based on American trader mentality. As of right now Asians dominate the market and there are millions more players in the game. One must be careful when applying regular stock theory to Bitcoin.
The slight $100 or $200 dip that Bitcoin took over the past few days indicates that traders have been using their Bitcoin to buy more alt coins that have a higher potential for growth. That would also explain why Bitcoin has moved mostly sideways.
Melny3
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@nole_89, Correct me if im wrong but what I get from your comment is the rules dont apply to Bitcoin. Its that logic that causes bubbles. Im not saying this is the top. But the chart is vertical. everything corrects. EVERYTHNING
mytorc
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Agree - its looking that way - the bulls are loosing momentum - minor consolidations have been tried and appear to have failed as indicated by the shallow recent RSI resets - something more drastic needed to fuel the next projected rise imo
nole_89
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@mytorc, the bulls have traded their Bitcoin for alt coins. They haven't gone anywhere. Though Bitcoin has remained in the 4200 to 4400 ranges the past few days the alt coins have sky rocketed.
On top of that more and more new players are getting in the game. We seem to be on a short term 24 hr cycle now where the ups and downs over a 24 hr period are almost predictable. Watch the price go slightly down around noon EST.
mytorc
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@nole_89, Interesting thanks - so you don't expect any significant consolidation (e.g. down to the daily SMA 20 as DLavrov suggests) at this point?
The slight $100 or $200 dip that Bitcoin took over the past few days indicates that traders have been using their Bitcoin to buy more alt coins that have a higher potential for growth. That would also explain why Bitcoin has moved mostly sideways.