BTC/USD Are we inside a bigger correction than we think?
If we take the all big picture of BTC since 2011 in a Weekly chart, we will notice some interesting things.
- It seems like the upside run for BTC might be in the end of a 3rd Wave impulse out of a 5th Elliot Wave Cycle.
- If you look closely to the Stochastic, you will see that at the end of the 1st Wave, the indicador shows it was oversold, giving a sense that it will continue growing, but it didn´t, instead, it start what was the 2nd Wave, the same scenario that we are having right now (As it is shown in the 2 white circles).
- The 3rd Wave meets a very important rule on Elliot Wave analysis that it can´t be the shortest Wave of the cycle, it is longer than the 1st Wave.
- The Volume Momentum indicator of the Weekly analysis seems like after a huge buying period, it is starting a selling momentum (As it is shown in the white circle).
- This may match with all the turmoil and turbulence the cryptoworld will live this year with governments trying to regulate the market.
BTC and all the cryptoworld is here to stay, but we may be entering in an all year corrective period that might result in BTC going down during 2018 to start a 5th Wave an continue it way up after the market starts to consolidate and it become a more regulated scenario.
- It seems like the upside run for BTC might be in the end of a 3rd Wave impulse out of a 5th Elliot Wave Cycle.
- If you look closely to the Stochastic, you will see that at the end of the 1st Wave, the indicador shows it was oversold, giving a sense that it will continue growing, but it didn´t, instead, it start what was the 2nd Wave, the same scenario that we are having right now (As it is shown in the 2 white circles).
- The 3rd Wave meets a very important rule on Elliot Wave analysis that it can´t be the shortest Wave of the cycle, it is longer than the 1st Wave.
- The Volume Momentum indicator of the Weekly analysis seems like after a huge buying period, it is starting a selling momentum (As it is shown in the white circle).
- This may match with all the turmoil and turbulence the cryptoworld will live this year with governments trying to regulate the market.
BTC and all the cryptoworld is here to stay, but we may be entering in an all year corrective period that might result in BTC going down during 2018 to start a 5th Wave an continue it way up after the market starts to consolidate and it become a more regulated scenario.
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