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This time it will be something completely different than Elliot Wave, support levels and all that usual voodoo I'm talking about.
While ago I've noticed that usually around the 6th of each month there is a significant trend change or boost to its current direction. This is probably how the trading bots are programmed OR …maybe… its something much more sinister, ...
If we apply Elliot's Waves theory to Bitcoin from it's inception, we can clearly see that it has just completed it's first 5 waves of what now becomes a 1st Supemillennium wave.
Its now well on its way to the end of 2nd Supemillennium wave at around $4500 level possibly maybe even lower than that and if all goes well this should be a great place to buy before the ...
Short term analysis for the next few days.
I've updated my count and it looks like a 3-3-5 Flat ABC structure is forming, additionally price is holding strongly above the 0.236 Fib retracement level and thus wave C may not drop as far down as I previously expected. I have 3 consequent buy zones. I expect 0.382 level as highly possible and maybe even 0.5, 0.618 ...
My price extrapolation based on Elliott wave principle.
My long term Bitcoin scenario.
A possibility, something should happen quite shortly (in hours or day or two), trend should form when green triangle is narrowing.
If everything worked perfectly in cycles, it could be slow on BTC until 2020 with only small spikes in between now and then. This is just a cycle copy from what happened in 2013. But it's also likely that this cycle will be shorter in time as cryptos have picked up the pace in recent years.
In this, one of many possible scenarios, I've counted Elliot Waves and it seems that we're still waiting for the 5th wave down to come and sub waves confirm it. This is one of the reasons, that it got so slow, people are expecting one more down fall to possibly ~8300 area before trend changes.