Bitcoin Corrective Tsunami Underway?
Updated
I just had what I think was an Eureka! moment that I wanted to share.
It appears we are in the middle of a large corrective ABC Elliott Wave. What I like to call the “genesis” wave since it's the largest completed Elliott Wave. it looks like we have just completed the B leg of the ABC corrective pattern (recent short-lived bull), and we are on the verge of beginning the bearish C leg. This is important because it can easily take us down to the $3000-$3600 territory. But this is not the Eureka moment I am referring to.
Do this: look at BTCUSD, ETHUSD, and LTCUSD, and switch to 30 minute candlesticks, and zoom into the 12pm time of Sept. 8, where we had the sudden drop. That drop occurred in all three major markets (and many more markets, take a look at OMGUSD, PAYUSD, GNTUSD, etc). And now we have a bearish pennant forming in ALL of these markets.
What this tells me is that the correction that is happening is a big deal. And that it will affect all crypto markets. Kind of like a corrective tsunami that we are presently right in the middle of, but has gradually snuck up on us and cloaked itself as a lower-level correction. And all the hype, and painted rockets, and visions of the moon blinded us to the fact that it was there.
And this is the Eureka moment: Bitcoin dictates the broad bearish or bullish trend of the entire crypto market. Within that broad structure, all other cryptos can have their own individual bearish or bullish trends or counter-trends. But they are comparatively much smaller movements within the broader picture. When there are larger movements in Bitcoin, it brings everything with it.
I’m going to update my forecasts for all the major cryptos, as they all seem to be following this same pattern.
Target: $3000-$3600
It appears we are in the middle of a large corrective ABC Elliott Wave. What I like to call the “genesis” wave since it's the largest completed Elliott Wave. it looks like we have just completed the B leg of the ABC corrective pattern (recent short-lived bull), and we are on the verge of beginning the bearish C leg. This is important because it can easily take us down to the $3000-$3600 territory. But this is not the Eureka moment I am referring to.
Do this: look at BTCUSD, ETHUSD, and LTCUSD, and switch to 30 minute candlesticks, and zoom into the 12pm time of Sept. 8, where we had the sudden drop. That drop occurred in all three major markets (and many more markets, take a look at OMGUSD, PAYUSD, GNTUSD, etc). And now we have a bearish pennant forming in ALL of these markets.
What this tells me is that the correction that is happening is a big deal. And that it will affect all crypto markets. Kind of like a corrective tsunami that we are presently right in the middle of, but has gradually snuck up on us and cloaked itself as a lower-level correction. And all the hype, and painted rockets, and visions of the moon blinded us to the fact that it was there.
And this is the Eureka moment: Bitcoin dictates the broad bearish or bullish trend of the entire crypto market. Within that broad structure, all other cryptos can have their own individual bearish or bullish trends or counter-trends. But they are comparatively much smaller movements within the broader picture. When there are larger movements in Bitcoin, it brings everything with it.
I’m going to update my forecasts for all the major cryptos, as they all seem to be following this same pattern.
Target: $3000-$3600
Note
Target reached. However, comparing Elliott Waves across major crypto markets (some markets have clearer wave structure that can be used to help fill in the picture in sibling markets), suggests we may have one more leg to go in this wave C subleg. We can easily break through 3000, and perhaps down to 2700 or lower before stability returns.
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