If you look at Bitcoin's whole life structure, it's shown a nice five wave Elliot wave structure, where we're currently on Wave 4, a corrective wave that generally does not last that long, nor is the correction that steep. It may look like Bitcoin had a steep correction, but when you look at the big picture, it's relatively small, and short.
To me, it looks like Bitcoin will have finally 5th wave up which may last the whole year of 2019, then an ABC correction that follows. This may take a while, a few years is not unlikely. So prepare yourself. Elliot wave theory is not a rule, it's something that happens enough times that it could almost be a rule.
According to this chart, Wave 1 was the largest wave, larger than Wave 3 which is typically the largest (extended wave). This mean's that according to Elliot wave theory, the 3rd Wave, can't be the smallest, so in order for that to happen, Wave 5 needs to be shorter than Wave 3. So I've projected Wave 5 to the top of the channel, and it doesn't violate this Elliot wave principle. It also takes Bitcoin to around $82,000.
To me, it looks like Bitcoin will have finally 5th wave up which may last the whole year of 2019, then an ABC correction that follows. This may take a while, a few years is not unlikely. So prepare yourself. Elliot wave theory is not a rule, it's something that happens enough times that it could almost be a rule.
According to this chart, Wave 1 was the largest wave, larger than Wave 3 which is typically the largest (extended wave). This mean's that according to Elliot wave theory, the 3rd Wave, can't be the smallest, so in order for that to happen, Wave 5 needs to be shorter than Wave 3. So I've projected Wave 5 to the top of the channel, and it doesn't violate this Elliot wave principle. It also takes Bitcoin to around $82,000.
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