Hows it going everyone. It's time to update on the situation BTC is presently in.
I'd like to start by saying, June is going to be the month which largely unifies the community as to the outlook for the rest of 2018 and beyond. There will surely be a few clinging to the death they're self proclaimed superiority will some day be vindicated for being entirely wrong but we can just point and laugh when that time comes with direct quotes from them.
There are far too many reasons to list as to why the marketplace has remained so split in their speculation of BTC. Many reasons are simply emotions, inexperience, emotions, poorly educated self proclaimed masters of markets, emotions, uneducated bias, emotions, emotions, emotions, emotions, failure to consider meaningful ideas, emotions, and overconfidence in reasonable ideas. EMOTIONS!
Objectivity, like in most emotional public concerns on earth is difficult to find and even more difficult for most new investors to disseminate the difference while learning as they go, and some simply never learning.
What I will say is this, BTC is navigating the single most complex amalgamation of profound trend structures in it's entire history as far as I can tell. I have at best half of the meaningful points of interest within the red circle even marked. Adding them all would make it even more indiscernible than it already is to most people who might view this chart.
What I can tell you is this, I have every reason to understand through tireless observations and education (of which is not by copying random peoples ideas and explanations but targeted and validated underlying principles from the legends and mathematicians who developed them in academic forums. I advise everyone do the same) to ensure I understand to the very best of my capacity the significance of everything leading to this point and the location on this map of trends we're actually within.
I'd like to note, someone once identified the pattern of reversal points within this correction being on the 6th day of the month and published it. It's now widely repeated. That's a pretty meaningful area of interest now. Due to my understanding of Elliot Wave Theory in particularly and my confidence in it, I project a reversal up again within the next week and the beginning of the 1st motive / impulse sub wave of 2018. The precise location and path is not something I'm going to profess I know. I could certainly make some educated guesses and I could certainly be right on them but that would be disingenuous of me to suggest anything more.
I'd like to share a quote from the book Elliott Wave Principle: A Key to Market Behavior by Robert R Prechter. Which has proved one of many invaluable resources in my personal growth as a full time market trader and investor after closing the doors of my construction company to follow this path in a meaningful way.
"This concept is important primarily because a successful analysis always depends upon a proper labeling of the patterns. Assuming falsely that a particular price extreme is the correct starting point for wave labeling can throw analysis off for some time, while being aware of the requirements of wave form will keep you on track. Further, when applying the forecasting concepts that will be introduced in Chapter 4, the length and duration of a wave are typically determined by measuring from and projecting orthodox ending points."
That quote entirely describes why 90%+ of all TAs in TV fail in unbelievably significant ways on a regular basis. When most charters here in the crypto markets learn from each other, the mistakes of the best are perpetuated by everyone else. A new idea here is actually nothing new at all but a simple representation of concepts unknown in this fledgling community. The unreasonable and emotional bias all but guarantees these concepts are resisted and attested until no other concept works. And even then many dig in.
I'd like to start by saying, June is going to be the month which largely unifies the community as to the outlook for the rest of 2018 and beyond. There will surely be a few clinging to the death they're self proclaimed superiority will some day be vindicated for being entirely wrong but we can just point and laugh when that time comes with direct quotes from them.
There are far too many reasons to list as to why the marketplace has remained so split in their speculation of BTC. Many reasons are simply emotions, inexperience, emotions, poorly educated self proclaimed masters of markets, emotions, uneducated bias, emotions, emotions, emotions, emotions, failure to consider meaningful ideas, emotions, and overconfidence in reasonable ideas. EMOTIONS!
Objectivity, like in most emotional public concerns on earth is difficult to find and even more difficult for most new investors to disseminate the difference while learning as they go, and some simply never learning.
What I will say is this, BTC is navigating the single most complex amalgamation of profound trend structures in it's entire history as far as I can tell. I have at best half of the meaningful points of interest within the red circle even marked. Adding them all would make it even more indiscernible than it already is to most people who might view this chart.
What I can tell you is this, I have every reason to understand through tireless observations and education (of which is not by copying random peoples ideas and explanations but targeted and validated underlying principles from the legends and mathematicians who developed them in academic forums. I advise everyone do the same) to ensure I understand to the very best of my capacity the significance of everything leading to this point and the location on this map of trends we're actually within.
I'd like to note, someone once identified the pattern of reversal points within this correction being on the 6th day of the month and published it. It's now widely repeated. That's a pretty meaningful area of interest now. Due to my understanding of Elliot Wave Theory in particularly and my confidence in it, I project a reversal up again within the next week and the beginning of the 1st motive / impulse sub wave of 2018. The precise location and path is not something I'm going to profess I know. I could certainly make some educated guesses and I could certainly be right on them but that would be disingenuous of me to suggest anything more.
I'd like to share a quote from the book Elliott Wave Principle: A Key to Market Behavior by Robert R Prechter. Which has proved one of many invaluable resources in my personal growth as a full time market trader and investor after closing the doors of my construction company to follow this path in a meaningful way.
"This concept is important primarily because a successful analysis always depends upon a proper labeling of the patterns. Assuming falsely that a particular price extreme is the correct starting point for wave labeling can throw analysis off for some time, while being aware of the requirements of wave form will keep you on track. Further, when applying the forecasting concepts that will be introduced in Chapter 4, the length and duration of a wave are typically determined by measuring from and projecting orthodox ending points."
That quote entirely describes why 90%+ of all TAs in TV fail in unbelievably significant ways on a regular basis. When most charters here in the crypto markets learn from each other, the mistakes of the best are perpetuated by everyone else. A new idea here is actually nothing new at all but a simple representation of concepts unknown in this fledgling community. The unreasonable and emotional bias all but guarantees these concepts are resisted and attested until no other concept works. And even then many dig in.
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In the mean time, here are some of the ideas Ive been charting for the last couple months which present my expectations.
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This was before the green dildo changed sentiment
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Even older news before the last bull movements no one believed
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more of the same
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More, more of the same with a little openness to variance
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some pretty significant observations supporting a nice long bull run after today's Monthly candle closes
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Almost forgot. This is an important one with a lot of great content.
Otherwise, if you're dead set on following the herd of mostly BS and decide you're the exception to the rule, I'll continue doing my best to remain objective and my ideas based in facts/objective observations and not emotions.
For now, I believe we'll be seeing a move up in the near future. I'm not sweating anything that happens between here and $5,750 though I don't believe we will get nearly that low. I simple see a valid path worth noting for this scenario. I'll update when I see something worth sharing and look forward to our confirmation of the continuation of the BTC bull run cycle!