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Way out there theory here, so grab your tinfoil hats.
Everyone and their mother has been talking about this big wedge coming up very shortly that will make or break BTC.
So let me tell you about my very very very stupidly simple graph here and why its so damn simple it almost makes sense... So we all know sometimes the most complex answers end up having the simplest answers whenever everyone is trying to figure out the answer using complexity. "KISS" principle: Keep It Simple Stupid.
So after playing with different scenarios, I just kind of started drawing lines..... And what do you know!? "Strangely" a little anomaly came up while I was drawing lines on the support prices of all the Elliot Waves in the past year.
I split the first three waves up from the last three, and not believing in coincidences (especially when it comes down to Elliot Wave theory) I noticed how the support price structure of the first 3 wave in the past year coincided almost exactly to the top of wave B in the second series of ABC Elliot Waves.
If we apply this theory to the next set of ABC Elliot Waves, I have some pretty bad news for the next set of ABC waves... And while its hard to call out the top of the next starting wave, according to my theory the top of the next wave B is right about at the 6300-ish price. Which means support is going to be waaay below that.
Frankly, between the recent Mt. Gox news and the fact that the ETF rulings were postponed yet again, its not looking good. Like it or not, FUD can and does sometimes come into play with a product so volatile.
I know that everyone says that the theory is that the mining structure basically doesn't support a price below $5k so that can never happen. Frankly, thats a terrible way to look at something. That's like saying that just because a government prints money, it can never go broke OR even print money that costs more to print than the face value of the money.
There is a very real possibility of things going South REGARDLESS of everyone calling for the moon.
If I only had a penny for every time someone called fizzled out "moonshots" in their TA, I would be a millionaire.
Your thoughts!?!?
(Leave me a like if you thought this was an interesting read)
-As always, thank you guys! Happy trading, Z.
Way out there theory here, so grab your tinfoil hats.
Everyone and their mother has been talking about this big wedge coming up very shortly that will make or break BTC.
So let me tell you about my very very very stupidly simple graph here and why its so damn simple it almost makes sense... So we all know sometimes the most complex answers end up having the simplest answers whenever everyone is trying to figure out the answer using complexity. "KISS" principle: Keep It Simple Stupid.
So after playing with different scenarios, I just kind of started drawing lines..... And what do you know!? "Strangely" a little anomaly came up while I was drawing lines on the support prices of all the Elliot Waves in the past year.
I split the first three waves up from the last three, and not believing in coincidences (especially when it comes down to Elliot Wave theory) I noticed how the support price structure of the first 3 wave in the past year coincided almost exactly to the top of wave B in the second series of ABC Elliot Waves.
If we apply this theory to the next set of ABC Elliot Waves, I have some pretty bad news for the next set of ABC waves... And while its hard to call out the top of the next starting wave, according to my theory the top of the next wave B is right about at the 6300-ish price. Which means support is going to be waaay below that.
Frankly, between the recent Mt. Gox news and the fact that the ETF rulings were postponed yet again, its not looking good. Like it or not, FUD can and does sometimes come into play with a product so volatile.
I know that everyone says that the theory is that the mining structure basically doesn't support a price below $5k so that can never happen. Frankly, thats a terrible way to look at something. That's like saying that just because a government prints money, it can never go broke OR even print money that costs more to print than the face value of the money.
There is a very real possibility of things going South REGARDLESS of everyone calling for the moon.
If I only had a penny for every time someone called fizzled out "moonshots" in their TA, I would be a millionaire.
Your thoughts!?!?
(Leave me a like if you thought this was an interesting read)
-As always, thank you guys! Happy trading, Z.