BitcoinShort
BTC 2nd scenario
In this scenario bitcoin has already done it´s first (A) leg of an Abc-correction.
Therefor we would currently be in the B leg of the B greater B-Correction, bc we have already completed the A leg with a weak 5th wave.
After the move back we would see another wave towards the 12k then we would fall back to support at around 10k and come back to build eventually a Head and Shoulders formation. This would be the first wave of the C leg of the greater Abc-correction.
The C leg will take much more time than the A leg.
If bitcoin moves this way a new cycle will start in the middle of 2018.
Reasons for the 2nd scenario:
-general market is overvalued
-we have done a complete 5 wave cycle->greater Abc-Correction
-more symmetrical than 1st scenario (very important in Elliot wave theory)
-first real downtrend since exactly 4 years (4y cycle)->downtrend in 2014 took one year but this time it will only take half the time bc 1st leg completed in half the time-> symmetry
-same volume spikes at the bottoms like in 2014
Therefor we would currently be in the B leg of the B greater B-Correction, bc we have already completed the A leg with a weak 5th wave.
After the move back we would see another wave towards the 12k then we would fall back to support at around 10k and come back to build eventually a Head and Shoulders formation. This would be the first wave of the C leg of the greater Abc-correction.
The C leg will take much more time than the A leg.
If bitcoin moves this way a new cycle will start in the middle of 2018.
Reasons for the 2nd scenario:
-general market is overvalued
-we have done a complete 5 wave cycle->greater Abc-Correction
-more symmetrical than 1st scenario (very important in Elliot wave theory)
-first real downtrend since exactly 4 years (4y cycle)->downtrend in 2014 took one year but this time it will only take half the time bc 1st leg completed in half the time-> symmetry
-same volume spikes at the bottoms like in 2014
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.