I wanted to post this potential count to show a possible outcome that may be in play.
The Elliott wave principle has pointed out that impulses tend to channel if they are a true impulse. If this was the true bottom of the BTC bear market, then once we make one more possible low into the bottom of the channel and right at the golden ratio 0.618 fib retracement level; we should continue the uptrend
The fundamentals of BTC including other projects that have stuck to their promises and launched mainnets with unique use cases is at a higher point than even the peak of Dec 2017
- Future ETF approval incoming (Regardless of whether it's approved in august 2018 or not) The momentum is already past the point of no return
- Nasdaq Plans to Introduce Bitcoin Futures and to make it a viable investment for many more investors
- NYSE’s Owner (ICE) to Launch Bitcoin Firm, Futures Contracts
- Starbucks and Microsoft team up to provide customers the ability to use Bitcoin for coffee purchases (Even though the system will change bitcoin into fiat-this is a good step forward and if it succeeds, they may introduce future solutions to just use Bitcoin the asset as payment)
- Coinbase's institutional product has begun accepting deposits aimed at institutional hedge funds and other clients who can deposit a minimum of $10 million, accepted its first deposit last week, the company announced on Twitter.
- Coinbase Custody is exploring the addition of many existing and forthcoming crypto assets for storage only, and will be working to add them as quickly and safely as possible
The list goes on and on.
Regardless of Bitcoins short term price action, the fundamentals of mainstream adoption (minus usage) are flashing signals. More usage will come once mom and pop brokerages like Fidelity-Schwab-TDAmeritrade and others allow small investors to invest and spread the word. Lightning network and Liquid ventures will make this easier and eventually people we be using blockchain to transact in their daily lives without them even knowing they are using it
Let's see if this plays out.
If it breaks then other options including new lows for BTC are on the table. But this strategy allows you to produce an actionable risk analysis and stop placement stradegy so that you can fight another day
The Elliott wave principle has pointed out that impulses tend to channel if they are a true impulse. If this was the true bottom of the BTC bear market, then once we make one more possible low into the bottom of the channel and right at the golden ratio 0.618 fib retracement level; we should continue the uptrend
The fundamentals of BTC including other projects that have stuck to their promises and launched mainnets with unique use cases is at a higher point than even the peak of Dec 2017
- Future ETF approval incoming (Regardless of whether it's approved in august 2018 or not) The momentum is already past the point of no return
- Nasdaq Plans to Introduce Bitcoin Futures and to make it a viable investment for many more investors
- NYSE’s Owner (ICE) to Launch Bitcoin Firm, Futures Contracts
- Starbucks and Microsoft team up to provide customers the ability to use Bitcoin for coffee purchases (Even though the system will change bitcoin into fiat-this is a good step forward and if it succeeds, they may introduce future solutions to just use Bitcoin the asset as payment)
- Coinbase's institutional product has begun accepting deposits aimed at institutional hedge funds and other clients who can deposit a minimum of $10 million, accepted its first deposit last week, the company announced on Twitter.
- Coinbase Custody is exploring the addition of many existing and forthcoming crypto assets for storage only, and will be working to add them as quickly and safely as possible
The list goes on and on.
Regardless of Bitcoins short term price action, the fundamentals of mainstream adoption (minus usage) are flashing signals. More usage will come once mom and pop brokerages like Fidelity-Schwab-TDAmeritrade and others allow small investors to invest and spread the word. Lightning network and Liquid ventures will make this easier and eventually people we be using blockchain to transact in their daily lives without them even knowing they are using it
Let's see if this plays out.
If it breaks then other options including new lows for BTC are on the table. But this strategy allows you to produce an actionable risk analysis and stop placement stradegy so that you can fight another day