2018 Crypto Crash (Elliott Wave): Fare Thee Well Ten Thousand?
Should the Elliott Wave projection continue as anticipated, then there is a strong possibility that the high of 9990 (Bitfinex) set on 12-MAR-2018 is of quite significance in the following regard:
i. 9990 is just 46 points shy from 9946 which represents the 50% Fibonnaci retracement of the entire Bitcoin -4.48% market. Either side of this key level currently defines 'bull vs bear' territory.
ii. Should 9990 present the top of a significant wave, it would suggest Bitcoin -4.48% will now never revisit the psychological 10,000 level.
Elliott Wave speculative model, indicative of price and structure, not time:
"will now never revisit the psychological 10,000 level."
Explain the rationale behind that please? I'm not an Elliot Wave kinda guy. Is there some Nikkei bubble thinking going on here or something?
mmmp12
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@mattgarbutt, Nikkei bubble is good to show of level of exubberance, which can occur in the market, and yeah it could be.
We must separate that BTC is only digital asset, not some money making miracle, and people, are now trading it only in a speculative manner, and isn't to change soon, so for now we shouldn't revist 10K level, if there isn't new waves of suckers.
Explain the rationale behind that please? I'm not an Elliot Wave kinda guy. Is there some Nikkei bubble thinking going on here or something?