Bitcoin's price is purely driven by market sentiment, which makes me believe it could be moving in an Elliott wave right now.
From wikipedia: The Elliott Wave Principle posits that collective investor psychology, or crowd psychology, moves between optimism and pessimism in natural sequences.
That is possibly the best description of
BTCUSD
ever :)
ALSO, notice how point A is super close to point 4, which is also the case in Elliot's model.
So in the short term it might recover a bit, but we still have one more leg down to point C (if it continue the elliott wave pattern).
Good luck :)
From wikipedia: The Elliott Wave Principle posits that collective investor psychology, or crowd psychology, moves between optimism and pessimism in natural sequences.
That is possibly the best description of
BTCUSD
ever :) ALSO, notice how point A is super close to point 4, which is also the case in Elliot's model.
So in the short term it might recover a bit, but we still have one more leg down to point C (if it continue the elliott wave pattern).
Good luck :)
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