BitcoinLong
Preferred Wave Count
Updated
If enough speculators are speculating on the price of Bitcoin, then we can see some beautiful Elliot waves as we do in purely financial markets (like the stock market.) Bitcoin is a currency, so it has economic aspects and thus, at times, may not fluctuate according to the wave principle.
As we have seen, Bitcoin has already produced some lovely waves due to the irrational (or pre-rational) herding and speculation that comes with financial markets.
If we see another impulse wave to new all time highs, it will be due to speculators speculating on the actions of other speculators, NOT because of crypto-currency fundamentals.
Let's see if we've already started a large wave!
As we have seen, Bitcoin has already produced some lovely waves due to the irrational (or pre-rational) herding and speculation that comes with financial markets.
If we see another impulse wave to new all time highs, it will be due to speculators speculating on the actions of other speculators, NOT because of crypto-currency fundamentals.
Let's see if we've already started a large wave!
Note
The count labeled below might make more sense because the upper trend line of the triangle properly lines up with the start of wave a. Although, time lengths make the triangle look awkward, it is the wave structure and price lengths that are most important (in that order.) Time lengths come last.It also correlates precisely with the Litecoin count (below.)
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