BLX Long term NeoWave count - Corrective -Big drop after triangl
This is a long term count of Bitcoin. It is technically a monthly count but is displayed on the weekly time frame to get a better idea of targets and price history. I will update with a weekly chart and smaller wave structure later.
The wave method used is Neo Wave. A refined version of Eliot wave. i am still learning so please don't take this as advice. It is more of an experiment and something time will either prove or disprove.
Basically the advances in Bitcoin over the years (since 2010 on this chart) have all functioned like corrective waves and so you can see the waves up are ABC moves with the last A wave up being the beginning of this contracting triangle which will end with a wave down of similar degree to the A wave up. Fundamentally for Bitcoin this could mean a switch from POW to POS if Bitcoin prices go that low or perhaps just a very intense capitulation. Which makes sense since we have not really had that intense capitulation that I recall from past corrections. The type where the news is all intensely negative and everyone is screaming it is dead. That simply has not happened this time around. despite what people say. I remember the intense negativity during the 2014 period and it was so intense I don't recall anything close to that since then. Time will tell.
Based on this chart if the E wave hits the top of the triangle and starts to decline then that would be a great signal to go short. The move will likely be very violent.
The wave method used is Neo Wave. A refined version of Eliot wave. i am still learning so please don't take this as advice. It is more of an experiment and something time will either prove or disprove.
Basically the advances in Bitcoin over the years (since 2010 on this chart) have all functioned like corrective waves and so you can see the waves up are ABC moves with the last A wave up being the beginning of this contracting triangle which will end with a wave down of similar degree to the A wave up. Fundamentally for Bitcoin this could mean a switch from POW to POS if Bitcoin prices go that low or perhaps just a very intense capitulation. Which makes sense since we have not really had that intense capitulation that I recall from past corrections. The type where the news is all intensely negative and everyone is screaming it is dead. That simply has not happened this time around. despite what people say. I remember the intense negativity during the 2014 period and it was so intense I don't recall anything close to that since then. Time will tell.
Based on this chart if the E wave hits the top of the triangle and starts to decline then that would be a great signal to go short. The move will likely be very violent.