Is bitcoin this bearish? An Elliot Wave perspective:
Given we are neutral at the moment, I wanted to take a shot at a first draft of a definitive EW count for bitcoin. Elliot Wave purists will deride my nomenclature, however I am trying to grasp the overall count from price inception in the simplest way I can understand. This is a Mt. Gox/BitStamp daily blend that I found awhile back that seemed fit for a decent wave count, despite the fact that the chart says "XAUUSD" in the middle (that's how I found it, but it works.)
I know there are many details of each wave that need to be counted and labeled, but pretty much no matter how I imagine slicing it up in my mind, I cannot see how we did not just experience the fifth wave of this series (inception series). IF that is the case, then there is much more pain to come for those looking for a quick rebound. Even a bounce at 133 $ back to 320 $ would complete an even more bearish corrective wave up.
Anyway, maybe I am getting ahead of myself, but from an EW perspective, I think things are looking grim for the short to medium term. That being said, the last time price got this far outside the channel, it corrected sharply in the opposite direction. Needless to say, this is a work in progress as with any EW count ,or bitcoin analysis in general for that matter, and I encourage feedback!
Block halving can't come soon enough for bulls, it seems....
Cheers,
AKWAnalytics
BullBearAnalytics.com
I know there are many details of each wave that need to be counted and labeled, but pretty much no matter how I imagine slicing it up in my mind, I cannot see how we did not just experience the fifth wave of this series (inception series). IF that is the case, then there is much more pain to come for those looking for a quick rebound. Even a bounce at 133 $ back to 320 $ would complete an even more bearish corrective wave up.
Anyway, maybe I am getting ahead of myself, but from an EW perspective, I think things are looking grim for the short to medium term. That being said, the last time price got this far outside the channel, it corrected sharply in the opposite direction. Needless to say, this is a work in progress as with any EW count ,or bitcoin analysis in general for that matter, and I encourage feedback!
Block halving can't come soon enough for bulls, it seems....
Cheers,
AKWAnalytics
BullBearAnalytics.com