NicholasPaulCarl
Short

How much further will Bitcoin go down? This is what to expect

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
I expect $BTC and crypto markets to drop further before we can realistically feel bullish again. There's been quite a few optimistic moments (where I'm sure many people going LONG were stop-hunted or liquidated) recently but all proved to be bull traps as the markets made lower lows shortly after. I think we are in a 'Elliot Wave Double Three Correction Pattern' and will definitely see new lows in the coming weeks.

Have a look at this .Com Bubble comparison of the NASDAQ vs #Bitcoin, there are extremely similar wave moments and believe this is another bearish indicator. The conspiracy theorists will say it's the 'corporates, bankers, whales, strong hands' all forcing the 'weak hands, hodlers, lambo's, to the mooners' out which could likely be the case.

Just take care the train doesnt leave without you
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@birchgrove, still looking good in my opinion - was waiting for it to break $6,000 but i still don't think its done it yet but its coming!

Thanks for your interest
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I'm sorry, but there is no such thing as a double 3 correction is Elliott's theory. If there's a bearmarket the theory is a count of 1 to 5 waves down.
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IONCHRONO PEAKCryptoSignals
@PEAKCryptoSignals, correct, also im not sure how one can compare years of a dot.com bubble to months of crpto nut each to their own.
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IONCHRONO IONCHRONO
correct, also im not sure how one can compare years of a dot.com bubble to months of crypto but each to their own.
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@IONCHRONO, @PEAKCryptoSignals

How about trying to be constructive and help novice traders/analyst instead of being assholes?

Corrective patterns fall into four main categories:

Zigzags (5-3-5; includes three variations: single, double, triple);

Flats (3-3-5; includes three variations: regular, expanded, running);

Triangles (3-3-3-3-3; four types: ascending, descending, contracting, expanding);

Double threes and triple threes (combined structures).

ZIGZAGS (5-3-5)

A single zigzag in a bull market is a simple three-wave declining pattern labeled A-B-C and subdividing 5-3-5. The top of wave B is noticeably lower than the start of wave A, as illustrated in Figures 11 and 12.

Occasionally zigzags will occur twice, or at most, three times in succession, particularly when the first zigzag falls short of a normal target. In these cases, each zigzag is separated by an intervening "three" (labeled X), producing what is called a double zigzag (see Figure 13) or triple zigzag. The zigzags are labeled W and Y (and Z, if a triple).


Pictures might be better for you:
http://www.elliottwave.net/educational/basictenets/basics_images/fig_13.gif
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@IONCHRONO, Market phycology doesn't discriminate between markets? bubbles are bubbles
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IONCHRONO NicholasPaulCarl
@NicholasPaulCarl, comment in now way makes me an asshole all i say is im not sure how you can compare and each to your own jesus must be a soft bunch of people in here.
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@IONCHRONO, Market phycology doesn't discriminate between markets? bubbles are bubbles softi ;-)
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IONCHRONO NicholasPaulCarl
@NicholasPaulCarl, okay .com bubble was mainly american capital with a total world population that was 50% less than now and someone puts years of that bubble against a few months of bitcoin charts ? yep definitely play out the same.. i may as well find a coast line of a country on a map and put it against bitcoin charts and use that. call me a softi nice come back btw
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