12 years after the origin of BTC
12 years of massive gains
Never far below the 200 weekly ma
Will this ever end in a correction?
What we know:
-BTC makes nice elliot wave patterns 1-2-3-4-5
-BTC makes elliot wave correctional paterns ABC
-BTC retraces after a 12345 to 61% of leg 4-5
This has happened all 3 normal bull runs with tops 2011-2014-2017
Hello friends, no long stories, I have this chart for some time and would like to share it today, because otherwise it will take maybe even more time, to get back to 1K.
All the moon boys should sell their coins.
NO BITS, NO BUTS just SELL. I have more things to do.
At this moment we are in bear territory after the 60K top that i predicted.
The pattern formed around 60K is a classic rounded top.
We are below the 200 day ma for a couple of weeks, which has crossed with the 50.
We will probably zig zag down to the 200 weekly Ma, to find solid support for possibly a bullish breakout.
The more bearish scenario of the elliot...
Because we are retracing a lot to the 42K, I think we are going further up.
To the 1.618 extension of the 20K - 3K leg = around 60K.
After that, the change is high, that party times are over...
This 1.618 is still normal for a irregular flat correctional pattern..
But we will see
We have had 5 big waves from 2010 and in this moment we are still in a correctional pattern, with a big upthrust after distribution.
This uptrust can go to the 1.618 extension of wave A (20K to 3K in 2018)
Wave A, B, and C
Wave A: Corrections are typically harder to identify than impulse moves. In wave A of a bear market, the fundamental news is usually still...
Looking at the charts I still believe we are in a correctional pattern.
Some people think it's the disbelieve phase of the new bull run, but i think the bear market was too short for that.
To me it looks more like a bull rally in a correction pattern.
The correction that we had from 20K tot 3K was a basic ABC from the 12345 impulse waves from 160 usd to 20K.
An option that every trader should keep in mind is the 3-3-5 irregular flat pattern.
It's a bit strange that we are above the ATH already after a shorter bear
market than 2014 + amount of BTC transactions + USD sent over netwerk etc.
are still below 2018 peak, for me that's a red flag and that's why i think we get
one more bear market. And hopefully than we will...
Sometimes you have to look to the chart with an open mind, and than you see things, nobody likes to see.
My main motivation for this chart is:
1. Bitcoin blockchain transactions are in decline (see blockchain info)
2. Bitcoin blockchain adresses in use are still below the 2017/2018 peak.
3. Bitcoin USD sent in blockchain still below the...
Both distribution patterns form at elliot wave point 5.
Retrace down to 61% of top to previous top and retrace up to 78%.
After that sideways consilidation and break down after distribution.
Yes the support of the 200 weekly ma is strong, but for how long, we will see.