BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin             elliot wave count
New highs are multiple of fibo numbers
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
During the early period, there is no future market in Bitcoin, people can only sell the coins they have rather than go short.
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.
Rogelio MashuriClark
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

Rogelio Rogelio
Looks better, having $32 as wave 1
Currently is trading below rising channel

+1 Reply
very adventerous analysis
Rogelio ProfitRaider
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.
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