ASA2001

Reconsideration of BITCOIN Triangle

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
After reassessing my original prediction for bitcoin , it was clear that Wave 3 of the 4th wave correction was too short to really have a good conviction and probable action. This model makes a lot more sense, due to the fact that the wave is now over a longer period of time, which is something common with triangles under the Elliot Wave Theory. This model also benefits added probability due to the fact that now wave 5 and wave 1 can be more symmetrical, allowing a better extension of the 3rd wave. My original prediction was there because I expected such great reductions of anything above 20% of the all time high (around $32k-33k) to be much more difficult to achieve, especially with the increase in market action. There is too much heat at the moment under bitcoin , and I believe that this is a push by institutions to force retail traders to come out of bitcoin , with all this ‘bubble talk’ you hear about in the news and by well known banks. Once the hear dies down, Bitcoin will surge, there is too much opportunity in the currency, something institutions will always wriggle their way into. An example is like what is going on now. Scaring everyone into doing what they want them to do. Hold your horses and wait for this 5th wave. It will come. Elliot Wave is never wrong, just our predictions of it can be sometimes 😆. There is big money to be made as long as you are patient