This is my second post ever, so please use accordingly. Some people (Goldman) thinks were are in Wave 4 of the Elliot Wave Principle. Please look this up if you haven't heard of it. Wave 4 is characterized as:
Prices may meander sideways for an extended period, and wave four typically retraces less than 38.2% of wave three. Volume is well below than that of wave three. This is a good place to buy a pull back if you understand the potential ahead for wave 5. Still, fourth waves are often frustrating because of their lack of progress in the larger trend. (I'm frustrated...just saying, I think this fits where BTC is)
I looked back over the past year and determined we hit Wave 4 in March 2016. The red arrow shows how it traded. It hit an ATH, then traded sideways for a few days, then dipped. However, it then recovered and finished the Wave cycle at 2 more ATHs. I'm not saying history will repeat, but we can all learn from the past to be better prepared for what's potentially ahead.
Prices may meander sideways for an extended period, and wave four typically retraces less than 38.2% of wave three. Volume is well below than that of wave three. This is a good place to buy a pull back if you understand the potential ahead for wave 5. Still, fourth waves are often frustrating because of their lack of progress in the larger trend. (I'm frustrated...just saying, I think this fits where BTC is)
I looked back over the past year and determined we hit Wave 4 in March 2016. The red arrow shows how it traded. It hit an ATH, then traded sideways for a few days, then dipped. However, it then recovered and finished the Wave cycle at 2 more ATHs. I'm not saying history will repeat, but we can all learn from the past to be better prepared for what's potentially ahead.