This chart shows how the bearish and bullish estimate is being build and get stronger by masses, as price goes higher, more people become bullish and vice versa.
I believe we are still under a bear market effect currently, where over 50% of people engaged in crypto are bearish, I believe majority of people will switch bullish in 2020 after the halving and after surpassing the previous all time high.
In my opinion we are currently on the first wave of Elliott waves dominant trend, I have marked a five wave pattern inside this elliottwave1 and the ABC forming on the second corrective wave elliottwave2.
I believe we are still under a bear market effect currently, where over 50% of people engaged in crypto are bearish, I believe majority of people will switch bullish in 2020 after the halving and after surpassing the previous all time high.
In my opinion we are currently on the first wave of Elliott waves dominant trend, I have marked a five wave pattern inside this elliottwave1 and the ABC forming on the second corrective wave elliottwave2.
Comment:
Market Psychology
While the Price Targets and Wave Lengths may not be accurate, I wanted to show more the market sentiment and how it flips from bullish to bearish and vice versa, while we approach support levels, the deeper we go, the stronger the effect of a trend gets on peoples psychology, and when we go higher leaving back the support level, people become more bullish, but the critical support level is always close and every major move no matter of price level, gets us close to the line of sentiment flip.
While the Price Targets and Wave Lengths may not be accurate, I wanted to show more the market sentiment and how it flips from bullish to bearish and vice versa, while we approach support levels, the deeper we go, the stronger the effect of a trend gets on peoples psychology, and when we go higher leaving back the support level, people become more bullish, but the critical support level is always close and every major move no matter of price level, gets us close to the line of sentiment flip.
Comment:
Market Psychology Indicator
2 Triangles, when we approach the line in between the sentiment gets in a tension, masses start flipping from Bullish to Bearish and vice versa as the price changes.
Green triangle is where the bullish sentiment dominates
Red triangle is where the bearish sentiment dominates
2 Triangles, when we approach the line in between the sentiment gets in a tension, masses start flipping from Bullish to Bearish and vice versa as the price changes.
Green triangle is where the bullish sentiment dominates
Red triangle is where the bearish sentiment dominates
Comment:
Market Psychology
I don't know if this idea has been introduced by anyone else, but it indicates how bearish sentiment was strongly dominating when BTC fell to 3200 level, and as we approach the 13,000 masses quickly started to turn Bullish, and when the price again started to fall, we see how the news and majority of people again turn bearish.
I don't know if this idea has been introduced by anyone else, but it indicates how bearish sentiment was strongly dominating when BTC fell to 3200 level, and as we approach the 13,000 masses quickly started to turn Bullish, and when the price again started to fall, we see how the news and majority of people again turn bearish.
Comment:
Wave 3 checkpoint, target reached
5 Wave Pattern on the First Elliott Wave of Dominant Trend in 2019
Should have added another 5 wave pattern on the elliottwave5 of the first Elliott Wave, where the price of BTC is around ~15,000$-17,000, on May 2020, during the halving.