Gaps like to be filled and we have a nice and wide, wet and sexy gap that would take BTC spot below $5000 IMO . This is a very plausible scenario and would I love to hear your opinion, even if you are a sloppy ugly internet troll living in your parents crawlspace. Please chime in.
And not only this, but much lower. There are several reasons for this.
ceesounds
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@DalimilBrodsky, nice idea. I am just not sure Elliot wave theory work on LOG charts on the MACRO scale.
DalimilBrodsky
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@ceesounds,
Thank you. I'm not sure too - But the fact is that TA works on the bitcoin logarithmic chart and TA also works on very large timeframes (for example, on EUR/USD we can see trendlines working for several decades). However, I'm not an Elliott wave expert.
EW are not the only reason for the incoming dump. The reason is also NVT indicator, which has 100% accuracy in history.
ceesounds
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@DalimilBrodsky,, also, when using LOG chart on a large time frame your lines cannot be straight.
DalimilBrodsky
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@ceesounds, I think they can because - Why does technical analysis work? It works because people believe in it. Price movements are made by people. And people use a logarithmic chart for a long-term view of the bitcoin price.
DalimilBrodsky
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@DalimilBrodsky, This of course does not apply to the long-term channel in which the price of bitcoin is moving. This must be curved, because the market capitalization of bitcoin has its limits and cannot rise linearly on the logarithmic graph, that is true. :)
derzzycharts
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Its crazy how you analysed this a 8 months in advance. It finally filled!
ceesounds
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@Karlderzzy, these gaps love to be filled. Can't believe it took so long.