Two scenarios for Bitcoin and a clear price point which differentiates the elliott wave bitcoin ideas are presented in this analysis. While price remains below 13, A new high above elliott wave bitcoin, If that happens, then look out for another exponential rise to substantial new highs, which may only end after a minimum of 2 weeks vertical upwards movement on high volume.
Click chart to enlarge. I am unable to find reasonable Elliott wave bitcoin ratios within this wave count. It appears elliott wave bitcoin Bitcoin may not exhibit Fibonacci ratios very often between its waves, so this makes target calculation impossible. Classic technical analysis will then be used to identify a high in place. Elliott wave bitcoin is very clear from this chart is that Bitcoin is in a classic bubble.
This looks like an even larger bubble than the Tulip Mania. The elliott wave bitcoin thing about which I am certain is that this bubble will pop and Bitcoin will collapse. What is uncertain is exactly when it will crash.
For that question to be answered Elliott wave analysis may be helpful, and if the Forever trend line is breached, then reasonable confidence may be had that Bitcoin is crashing.
Bitcoin tends to behave like an extreme commodity: Following this vertical movement the resulting downwards movement is very deep in percentage terms and often very quick. The next rise begins slowly with basing action over weeks elliott wave bitcoin months, and then elliott wave bitcoin the rise nears its end another vertical movement completes it.
Also, there are volume spikes just before or at the end, which is another feature typical of commodity like behaviour. This has happened now several times. The most notable instances are the rise up to the week ending 24th November,and the week ending 5th June, If Bitcoin is in the early stages of a huge crash, then elliott wave bitcoin five down structure should develop at the daily chart level.
This would be incomplete. A third wave cannot yet be seen as complete for intermediate wave 3. This wave count sees a series now of three overlapping first and second waves. If this wave count is correct, then Bitcoin may be winding up for a spectacular plummet in price in the next couple of weeks or so. It is also possible that the rise for Bitcoin is not over.
The last blow off top may have only been the end of a third wave, so a still stronger fifth wave may be yet to come. Primary wave 4 may not move into primary wave 1 price territory below The Forever trend line on the 2 weekly chart would see this wave elliott wave bitcoin discarded long before price invalidated it. If the last fall in price elliott wave bitcoin Bitcoin is just another relatively short lived pullback, then it must subdivide as an Elliott elliott wave bitcoin corrective structure.
This movement will fit nicely as a double zigzag, which may now be complete. Because triple zigzags are very rare structures I have only ever seen 2 or 3 in my now 10 years of daily Elliott wave analysisit is extremely likely that the correction is complete when a double zigzag is complete.
Within primary wave 5, no second wave correction may make a new low below the start of its first wave below 5, If that happens, then my expectation would be for Bitcoin to see another exponential rise, only ending after a minimum of 2 weeks vertical movement on very high volume. If elliott wave bitcoin breaks above the Magee bear market trend line, then assume Bitcoin would very likely make new highs.
Not all bullish long lower wicks appear at swing lows, but they are a persistent feature at lows. When a bullish long lower wick is accompanied by a volume spike, then the probability that a swing low is in is very high. Currently, volume supports downwards movement much more so than upwards. The volume profile is bearish. This supports the first Elliott wave count.
It is possible to see a completed five wave impulse upwards for Bitcoin. Elliott wave bitcoin wave ii may not move beyond the start of minute wave i above 13,
Cryptosight is a Telegram bot made for Gunbot traders to monitor Bittrex Poloniex Binance instances. Sep 07, 2014auto pilot earn btc the fastest way plus capcoin. The ruler is the two dashed red lines extending from the blue order triangle to the desired price of 615.