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With this bear market being so slow, recently i have stepped back to take a look at some Mt. Gox charts to remember what the Golden Ages were like.
During this time, I was looking at the first wave in this Elliott Wave Cycle.
The rally started accumulation at $0.05 and finished at a high of $31.
After further analyzing, a peculiar pattern began to appear that reminded me of the current bear market in Bitcoin!
Today I will dive in and give a detailed analysis on Bitcoin Bubbles and why it can help us find an eventual bottom.
Trading is a game of probabilities, risk management, pattern recognition, and patience.
By analyzing the past we prepare ourselves for the present future...
God Bless,
With this bear market being so slow, recently i have stepped back to take a look at some Mt. Gox charts to remember what the Golden Ages were like.
During this time, I was looking at the first wave in this Elliott Wave Cycle.
The rally started accumulation at $0.05 and finished at a high of $31.
After further analyzing, a peculiar pattern began to appear that reminded me of the current bear market in Bitcoin!
Today I will dive in and give a detailed analysis on Bitcoin Bubbles and why it can help us find an eventual bottom.
Trading is a game of probabilities, risk management, pattern recognition, and patience.
By analyzing the past we prepare ourselves for the present future...
God Bless,
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By counting our Elliott Waves we can begin to figure out where we are in this cycle.
Wave 1 went from $0.05 to $31
Wave 1 went from $0.05 to $31
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Wave 3 saw a rally from $2 lows all the way to $265 at its peak
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...And finally we have wave 5 which started at a low of $50 and ended its high at $1,150
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Keep in mind these are Mt. Gox charts so the top of $1150 was also the time around the hack...
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All of these together equals our first wave in the Elliott Wave Sequence.
Pretty insane to think that was only wave 1...
Pretty insane to think that was only wave 1...
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Now comes the fun part...
The ENTIRE move from $180 to $20k was only wave 1 of 3. next comes 3,5 to finish the 3 wave of Bitcoin's Elliott Wave cycle. Keep in mind this is only the 3 wave. Elliott Wave goes 1x3x5(Wave 1 Is Completed) and we have 3x5 left to compete to finish the complete 3 wave.
What we will see next is 3 of 3 Which is the biggest and most impulsive according to Elliott Wave Theory. We will close out the top of the 3 wave by finishing the 5 of the 3 which can easily finish near the $100k mark.
It's hard to put an exact target on Bitcoin in the coming future because this is a highly speculative market however, Based off the current cycle, I believe $100k is a very reasonable target to finish out the 3 wave in Bitcoin.(Possibly Much Higher)
The ENTIRE move from $180 to $20k was only wave 1 of 3. next comes 3,5 to finish the 3 wave of Bitcoin's Elliott Wave cycle. Keep in mind this is only the 3 wave. Elliott Wave goes 1x3x5(Wave 1 Is Completed) and we have 3x5 left to compete to finish the complete 3 wave.
What we will see next is 3 of 3 Which is the biggest and most impulsive according to Elliott Wave Theory. We will close out the top of the 3 wave by finishing the 5 of the 3 which can easily finish near the $100k mark.
It's hard to put an exact target on Bitcoin in the coming future because this is a highly speculative market however, Based off the current cycle, I believe $100k is a very reasonable target to finish out the 3 wave in Bitcoin.(Possibly Much Higher)
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The reason why I believe we have only seen wave 1 of 3 is because 3 waves are extremely parobolic and usually go straight up. $180 to $20k was close but im speculating much higher, and steeper parabolic movement to come...
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Look at the 3 wave of wave 1. It shot straight up with no signs of pulling back.
Extremely parabolic at max euphoria. This is what we need to see in Bitcoin!
XBT(Bitmex) charts show bitcoin is still gaining more and more volume by the day. Not very characteristic for this to be the top of the 3 already...
Extremely parabolic at max euphoria. This is what we need to see in Bitcoin!
XBT(Bitmex) charts show bitcoin is still gaining more and more volume by the day. Not very characteristic for this to be the top of the 3 already...