Updated the Elliot Wave count based on recent progress. We might have completed (v) of the V of the (5). In coming hours the first confirmation will be the breakdown of recent uptrend as shown in the blue line. The trend line support is currently at 3000 area and rising. It doesn't mean it can't make another high, the Wave count interpretation suggest that upside potential is limited.With volumes eroding, the smart money already out of this market and now up to the crowd how far they can take it.
The sentiment on Bitcoin is extreme at the moment. Some comments on media even suggesting Bitcoin going to rise upto 500,000. It started at 6c and it's history. Such extreme emotions are quite common on major market tops. Bitcoin no doubt was among the greatest buy of human history when it was trading in pennies but don't think it's now. Some argue that there can only be 21m bitcoins so it's scarcity will guarantee appreciation over time. Well now we have thousands of other Cryptos trading in the market which are Bitcoin substitute products hence there is no scarcity for digital currencies.
The sentiment on Bitcoin is extreme at the moment. Some comments on media even suggesting Bitcoin going to rise upto 500,000. It started at 6c and it's history. Such extreme emotions are quite common on major market tops. Bitcoin no doubt was among the greatest buy of human history when it was trading in pennies but don't think it's now. Some argue that there can only be 21m bitcoins so it's scarcity will guarantee appreciation over time. Well now we have thousands of other Cryptos trading in the market which are Bitcoin substitute products hence there is no scarcity for digital currencies.