smb2222

Logarithmic Long Term Big Picture of BTC/USD

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
I wanted to post something different here guys to put things into perspective. The wave counts are particularly clear here, and really show how much potential we still have in BTC . This is a logarithmic chart as opposed to linear

A few observations. Wave 2 was what some call a sideways ABCDE Triangle. According to Ralph N Elliott , usually a sideways Wave 2 correction is followed by a sharp alternate correction in Wave 4. So if this is true, BTC may fall sharply again in perhaps the form of a Zig Zag . Also, Wave 4's usually end in the territory of the previous 4th wave of one lesser degree. If you look at this, it would fit both observations and rules. It would also meet the trendline as well at the wave 4 bottom.

I don't post this to be bearish or to scare anyone, but this is what makes EW a great tool to help you prepare for an alternate scenario and to look at the bigger picture.

I don't know about you guys, but I have most of my larger laddered orders in the areas of 5600-4300-3000, but still have my core holdings in case the primary count is still valid and we go up from here.

The yellow line and this post is not financial advise of course, but my best guess as to how it would play out. Nobody knows for sure.

But the point I want to make is that if it did plunge to these levels, it would be a beautiful set up and would allow everyone (who kept cash on the sidelines and was patient) to create wealth

I still have my core holdings in cold storage and they will go down with the ship if we go to zero (highly unlikely), but I will pounce on this if the opportunity presents itself. My previous posts and primary counts still stand, because wave 3's can go much higher, and we still may be in the parabolic zone, so I'm still neutral and accumulating on each stair step down

By the way, one other thing i would like to add. The fact that we had a long brutal bear sideways market in wave 2 is a gift actually if you think about it. If Elliott Wave alternation comes to fruition, and Wave 4 is sharp, it will play out quicker and the bear market won't last as long. The fact that big money is coming in fits this scenario perfectly
oh wow ....nicely done with this one mate !!
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mucianovici mucianovici
@mucianovici, what do u think on a short term???
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smb2222 mucianovici
@mucianovici, I'm hoping we bounce from here...maybe one more low before an ABC bounce for wave D of an ABCDE Triangle Pattern. You will see my post from a few days ago. I'm hoping we hold this instead of going to major lows...we should know in the next few days :-)
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smb2222 mucianovici
@mucianovici, Thank you friend...much appreciated...i hope it doesn't happen and we move up from here to continue the parabolic move, but things are looking really dicey right now...hope the triangle consolidation count holds...cheers
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Great chart.
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@Smoak, thanks Smoak...much appreciated friend
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