BITSTAMP:BTCUSD   Bitcoin / Dollar
457 6 9
Bitcoin elliot wave count
New highs are multiple of fibo numbers
1,1,2,3,5,8,13,21,34,55,89,144,233
wave 3 was 21x
wave 5 was 89x
Next possible high is 233x

Right now bitcoin is in correction, wave C can still go towards 8x fibo level

Related Ideas

Rogelio
Gold very long term
Rogelio about XAUUSD 2 6 months ago
ProfitRaider
6 months ago
very adventerous analysis
Reply
Rogelio ProfitRaider
6 months ago
Thanks for your comment.
I tried to use normal fibo ratios in log scale, but it doesn´t looks well; then using normal fibo sequence seems fine.
It was surprising to me how the previous highs are fibo multiples of the first price movement.
Reply
MashuriClark
6 months ago
This chart doesn't have the 2011 bubble. It's incomplete. Also, it should account for the increasing BTC supply to be more accurate. A chart based on market cap (accounting for permanently lost bitcoins as well) would be more accurate.
Reply
Rogelio MashuriClark
6 months ago
Yes, good point, there are more data on mt gox in 2011
Comparing mt gox vs bitstamp, bitstamp has a peak at $15 on nov. 2011; this don't appear on mt gox data
The first bubble in mt gox went to $32, maybe this should be wave 1
mt gox data stops in 2014
snapshot

snapshot
Reply
Rogelio Rogelio
6 months ago
Looks better, having $32 as wave 1
Currently is trading below rising channel

snapshot

+1 Reply
hao
6 months ago
During the early period, there is no future market in Bitcoin, people can only sell the coins they have rather than go short.
Reply
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