I have posted a previous idea about long term Elliot Wave, here is the analysis mid term in logarithmic scale.
If this is correct we could see BTC to reach the long term wave 5 in November coinciding with the medium term wave 5 reaching around 6000USD to start then the correction phase that could reach around 1800 on wave 5 by January 2018 within a longer term correction phase.
This is just a theoretical possibility, I'm not sure myself that this could happen. If fundamentals support BTC may be it will not go done like this Elliot Wave predicts. But if BTC starts to be seen as an old technology (kind of a MySpace) and starts to get replaced by others more advanced and with more practical uses in real live than BTC? Remember that the scalability issue of BTC has just been postponed but is not really solved, they are just patching it with SegWit, block size increases, SegWitx2, etc... but as capacity is added more usage can be put on the network that will make it reach again the capacity cap.
Also, please note that I put a A-E correction wave in April 2017 when in theory it should only be A-C, but that is what the chart was giving me. What do you think about that?
What are your opinions for BTC midterm?
If this is correct we could see BTC to reach the long term wave 5 in November coinciding with the medium term wave 5 reaching around 6000USD to start then the correction phase that could reach around 1800 on wave 5 by January 2018 within a longer term correction phase.
This is just a theoretical possibility, I'm not sure myself that this could happen. If fundamentals support BTC may be it will not go done like this Elliot Wave predicts. But if BTC starts to be seen as an old technology (kind of a MySpace) and starts to get replaced by others more advanced and with more practical uses in real live than BTC? Remember that the scalability issue of BTC has just been postponed but is not really solved, they are just patching it with SegWit, block size increases, SegWitx2, etc... but as capacity is added more usage can be put on the network that will make it reach again the capacity cap.
Also, please note that I put a A-E correction wave in April 2017 when in theory it should only be A-C, but that is what the chart was giving me. What do you think about that?
What are your opinions for BTC midterm?