Ero23

Is Bitcoin correcting like it did in The Spring of 2013?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
This is a quick sketch of a thought: What if Bitcoin             is correcting like the bubble of Spring 2013 instead of the subsequent one in November? It's tough to say if we'e reached bottom yet. However, if we are indeed following the pattern of the last Block Reward + Bubble era then this era will have the Bitcoin             price recovering from this correction over the next few months and then leading to a bull run possibly up to $100k/bitcoin before we see a possibly year long (or more) correction.
Comment: Let's see if 4 is already in or if double bottom is needed.
Comment: Evidence suggests good chance 4 is in. Fiat reserves incase of sharp decline not a bad idea. Also not a bad idea to sit on your hands until market begins to move.
Comment: Careful selling into fear.
Comment: Price resting on that lower mid channel line. A bounce here would be nice but would not guarantee end of bear trend.
Comment: As it was written elsewhere, "I find it hard to believe that a growing institutional sentiment toward cryptocurrency / blockchain, will be the catalyst for a bearish market or full retracement "
Comment: This would be a nice place for a bottom.
Comment: Follow the blue path? :D
Comment: A retest of that lower trend line around $4k is possible if momentum doesn't change soon for Bitcoin.
When Moon Lambo?
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Ero23 MeroviusCapital
@MeroviusCapital, Depends on the lambo I suppose. But it's going to take a while before 1 BTC = 1 Lambo. However, given the demand for money, this is inevitable.
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damdamm Ero23
@Ero23,1 BTC = 1 Lambo CENTENARIO ! to be more specific.. I am earning for blue one this time...
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Blue path looks pretty nice ;)
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Ero23 austinchan
@austinchan, Yes, that is the bull case. I also have drawn a bear case but not worth publishing as I think the bullcase is more likely. Yes, we are also on track on my bear scenario :( Bottom would be above $3k
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@Ero23, what do you mean when you say on track for bear, when you say bull case is more likely? Wouldn't it be one or the other? Just curious.
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How do you account for that gap between the two impulse waves? It doesn't look like a correction. Shouldn't Wave 1 start earlier?
+1 Reply
Ero23 dmos62
@dmos62, MTGOX sell off. US MARSHALL AUCTIONS, Uncertain Regulatory environment, Bad Exchange operators in general, Whale manipulation. We are in new waters now.
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dmos62 Ero23
@Ero23, I was talking about your Elliot Wave Theory wave count. The gap between those two impulse waves should be a correction, i.e. a triangle or a three wave structure, but it doesn't fit those descriptions, so probably the second impulse wave you've marked starts earlier, on 2015-01-12 specifically. I'm a fan of your posts, keep it up.
+1 Reply
Ero23 dmos62
@dmos62, WXY correction maybe
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