Elliott Wave & the Bitcoin Fork
This is a blend of Bitfinex and Bitstamp to smooth out some of the extreme candle wicks. Blending the two exchanges, BTC price did not make a new low for the year with the Bitcoin XT release.
The fork forces a vote to reach consensus on the future of Bitcoin. I believe this is a healthy market mechanism and pivotal moment for the open source democracy that is Bitcoin.
However, from an Elliott Wave perspective, this is potentially a satisfying setup of "negative news" for the "end of Bitcoin." That is the type of negative sentiment I would expect to see at a major bottom. The timing appears to fit a larger corrective wave structure in the form of a triple zigzag W-X-Y-X-Z.
The decline since the last spike (C of X) concerning a Greek Default appears impulsive, and the most recent sharp decline (post-XT announcement) in my opinion is likely an internal third wave of the larger wave Z that is beginning to unfold.
A move below 208 will increase confidence this is the correct count. A new low below 152 in a five wave move would confirm and complete the larger W-X-Y-Z structure. I would label this a cycle (or greater) degree wave II bottom per related chart "The Historic Rise of Bitcoin." Then, it's truly time to BUY!
The fork forces a vote to reach consensus on the future of Bitcoin. I believe this is a healthy market mechanism and pivotal moment for the open source democracy that is Bitcoin.
However, from an Elliott Wave perspective, this is potentially a satisfying setup of "negative news" for the "end of Bitcoin." That is the type of negative sentiment I would expect to see at a major bottom. The timing appears to fit a larger corrective wave structure in the form of a triple zigzag W-X-Y-X-Z.
The decline since the last spike (C of X) concerning a Greek Default appears impulsive, and the most recent sharp decline (post-XT announcement) in my opinion is likely an internal third wave of the larger wave Z that is beginning to unfold.
A move below 208 will increase confidence this is the correct count. A new low below 152 in a five wave move would confirm and complete the larger W-X-Y-Z structure. I would label this a cycle (or greater) degree wave II bottom per related chart "The Historic Rise of Bitcoin." Then, it's truly time to BUY!
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