Previously I have been posting about a fractal from 2016 which would have had Bitcoin break 14k a few weeks ago. Since my last post Bitcoin got rejected at 13.2k which invalidates my idea. Now the question is, where to next?
During the bull market from 2015-2018 I've picked out 4 possible corrective pattern that we could be in now:
#1 (which I was using in my previous posts) could possibly still be valid. it consisted of a sharp correction (a), an upward move and consolidation (b), then another sharp correction (c). I am a bit hesitant to go with this one since during what I have labeled as (b) there was not any consolidation, only sharp moves. If this is the case though we would be finished with the correction now (bottom at around 9k)
#2 Is a long consolidation pattern which could last months. It's composed of a sharp correction at the start, then consolidation between the highest high and the low of the first correction. I am also hesitant to follow this one since the upward move to 13.2k doesn't fit the fractal the best. On the positive side, consolidation for this long would be perfect for alt coin trading.
#3 is similar to #1, it has a sharp correction (a), an upward move (b), then another sharp correction (c). If this is the case, I would expect to see Bitcoin fall to somewhere between 8800-7200 since the second sharp correction is much larger than the first.
#4 is similar to #3, it also has a sharp correction (a), an upward move (b), then another sharp correction (c). the main difference is the amount of time the correction lasted. #4 lasted substantially longer and (c) was more complex than just a sharp drop. There are a few ways to draw this one but below is my interpretation.
Overall, if i had to pick one I would say Bitcoin is most likely in #4. over the last week or two volume has decreased a lot so some sideways action here would not surprise me. Even if none of these play out right now i still find it helpful to carefully analyzing how bitcoin moves. These patterns can be seen on low time frames as well.
As a general disclaimer, what i have drawn as (a)(b)(c) is not Elliott Wave, it was just the easiest way to label them. Interestingly though, as i pieced through the bull market from 2015-2018 it seems like as volume and volatility increase, Elliott Wave patterns seem to be much more obvious.
----------------------------------------------------------------------------------------------------------------------------------------------------
Join the price/analysis discussion with us in our free telegram group!
t.me/bvcryptoclub
Message @bvcc_invite_bot on telegram for access to the premium channel and Zobot altcoin market scanner. Current price is .0015 BTC/month.
During the bull market from 2015-2018 I've picked out 4 possible corrective pattern that we could be in now:
#1 (which I was using in my previous posts) could possibly still be valid. it consisted of a sharp correction (a), an upward move and consolidation (b), then another sharp correction (c). I am a bit hesitant to go with this one since during what I have labeled as (b) there was not any consolidation, only sharp moves. If this is the case though we would be finished with the correction now (bottom at around 9k)
#2 Is a long consolidation pattern which could last months. It's composed of a sharp correction at the start, then consolidation between the highest high and the low of the first correction. I am also hesitant to follow this one since the upward move to 13.2k doesn't fit the fractal the best. On the positive side, consolidation for this long would be perfect for alt coin trading.
#3 is similar to #1, it has a sharp correction (a), an upward move (b), then another sharp correction (c). If this is the case, I would expect to see Bitcoin fall to somewhere between 8800-7200 since the second sharp correction is much larger than the first.
#4 is similar to #3, it also has a sharp correction (a), an upward move (b), then another sharp correction (c). the main difference is the amount of time the correction lasted. #4 lasted substantially longer and (c) was more complex than just a sharp drop. There are a few ways to draw this one but below is my interpretation.
Overall, if i had to pick one I would say Bitcoin is most likely in #4. over the last week or two volume has decreased a lot so some sideways action here would not surprise me. Even if none of these play out right now i still find it helpful to carefully analyzing how bitcoin moves. These patterns can be seen on low time frames as well.
As a general disclaimer, what i have drawn as (a)(b)(c) is not Elliott Wave, it was just the easiest way to label them. Interestingly though, as i pieced through the bull market from 2015-2018 it seems like as volume and volatility increase, Elliott Wave patterns seem to be much more obvious.
----------------------------------------------------------------------------------------------------------------------------------------------------
Join the price/analysis discussion with us in our free telegram group!
t.me/bvcryptoclub
Message @bvcc_invite_bot on telegram for access to the premium channel and Zobot altcoin market scanner. Current price is .0015 BTC/month.
