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BITCOIN - Triple Three (WXYXZ) structure. - Part 9

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Is the China Narrative Running out of Steam?

In our last update, we covered the rapidly developing China narrative as that country’s president, Xi Jinping, favorably spoke about blockchain.

Since then, the market appears to have cooled. Jinping’s statements, which made clear that China is bullish on blockchain technology, didn’t mention any projects by name, nor did he speak about decentralization.

Despite that, coins with ties to China saw impressive gains. NEO, ONT, and QTUM were amongst those who experienced bull market-like increases, but have since tapered off.

Were Jinping’s statements nothing but a dream, or is there more where that came from?

China is likely kicking off a blockchain arms race

In an interview with Cointelegraph yesterday, Binance boss Changpeng Zhao said of China’s new stance toward blockchain:

It’s super positive. China’s very pro-technology, so China will invest very heavily in blockchain technology and on the educational front as well. Given that China has now made that move, every other country in the world will have no choice but to follow or move faster. But it’s going to be pretty hard to move faster than China to be honest.

In other words, when China decides to go for it, you’ll be hard-pressed to keep up. The United States and most members of the EU have expressed interest in blockchain technology, but have avoided taking key positions or signaling clear intent to adopt across industries.

Thus far, the private sector has explored blockchain with positive results, but no nation except China, Singapore, and to some extent, Russia has reflected that. However, due to China’s position as the world’s second greatest superpower, their sudden claim to what is likely the greatest incoming tech revolution since the internet is sure to pull others, like the USA, into the ring.

Digital yuan positioning itself as a global currency

Facebook’s Libra project was the first blockchain-based currency to be taken seriously as a global form of money. Owing to that, states around the world felt genuinely threatened by it and have largely blocked the project from advancing.

China, on the other hand, is a sovereign nation. To that end, it is free to pursue the creation of a digital currency for not only national purposes, but global ones as well.

In September, Circle’s Jeremy Allaire told CNBC that the digital yuan’s two-tier issuance system was a smart move for breaking the yuan out onto the world stage.

"This becomes a mechanism by which (the yuan) can be used in everyday transactions all around the world,” added Allaire, an internet entrepreneur who also founded video streaming firm Brightcove. “It’s ultimately a foundation for the internationalization” of the yuan.

Can the digital yuan challenge bitcoin for crypto supremacy? The PBOC, China’s central bank, already showed its hand in regard to how it views BTC when bitcoin trading in China was banned back in 2017. Clearly, government officials see bitcoin as a threat to financial policy, and would be more than happy to coax it into submission with the crypto yuan.

The takeaway

China’s foray into blockchain simply can’t be ignored, regardless of how quickly the market forgets essential news. While the outcome of these events may not be immediately bullish for the market as a whole, the stage is being set for a significant increase in awareness for blockchain technology.

Technical analysis

structure becoming more complex, with more down-side possible.

The fact that we've seen something lower than $7300 puts in the following scenario:

- Triple Three (WXYXZ) structure.
An impulsive and bullish C leg should commence, after which a last bearish pattern would start unfolding.

Things to watch for:
The way it goes up! It has to have an impulsive 5-wave sequence.
If it doesn't, then it would dip more and continue.
The way it would go down after the expected bullish sequence.
If it's corrective, then it could go bullish for good.If it's impulsive, then the Triple Three scenario is valid.

Elliot does not work?
Yeah, it works! it is magnificent, the complexity and subjectivity makes it like that, and so does the accuracy, when used correctly. It takes a lot of planning and patience, calculations, etc, but it's the best tool to be used.

Note: Prices can vary between Bitcoin exchanges, and consequently there may be differences in our chart prices due to different data sets. Our analysis is for information only. We recommend that people avoid trading on unproven exchanges vulnerable to hacking and theft.

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Bitcoin remains under pressure, but important targets have been hit. We touched a trendline and she has been as support a very import. Another important goal achieved was to touch Fibonacci to target 100% of the pivot. We are extremely oversold. We are very close to the 0.768% Fibonacci level of the entire rise from 3k. Now the correct is to make a hand LONG. The best time to buy bitcoin is now! While the vast majority of people are terrified about the bitcoin crash losing important support, we are to see our LONG order hit...

We can have a bottomed here.
Keep your eyes.

The best thing to do now is to let the market calm down to look for new entries, patience is always rewarded!

Soon we will bring updates.

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Wave B finished.
We're building wave C to finish WAVE (X)!
Then we will fall to finish wave correction (Z) and finally finish wave 2 (COMPLEX)

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Update Waves - Bearish count

Minor B finalizing

Verdict is a bearish continuation for now.

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Triple Three WXYXZ

Ending Diagonal still in play.

Ending Diagonal still in play.

Important to watch the next bearish leg, to see if it will be consistent. A breach of the lower trend-line would open the door for the down-side. Bearish Divergence getting real and the Ending Diagonal is getting clearer, however this diagonal can still extend a bit more.

To be noted that I am not comfortable with the way this bullish swing started, in a "three", therefore, I would be resilient to think that we are actually starting the major up-side. IMO, the current rise is a termination point for either a larger degree X wave, or a B wave correction. A few more pieces and this puzzle will be solved, regardless of its intentions.

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