Elliott Wave Theory & BTC Decline/Bottom...??Haven't published in a while, and hardley ever use Elliott Wave as a trading hedge, but after some research , AND I SHOULD HAVE FINISHED THIS LAST NIGHT BEFORE TODAY'S DROP! I have found several ways to measure the BTC Bottom.
80%-85% drawdown from ATH on every bear market = $13175
Re-test last Bull Run highest Monthly close = $14000
Then there is the Elliott Wave Theory... 5 waves, with 3 larger down and 2 up like in the chart.
Text Book Wave Theory states 1 and 5 are same percentage drawdown. This chart is -50%....
and 2 and 4 should be same percent bounce up.
We have that confirmed at +43% & +45%
Wave 3 down should be the biggest percent down...confirmed at -60%
Zoom out to the 2Wk or the Monthly chart and you can easily see the wave counts and the similarities in the waves.
Also play with the Chart Above to read stats
Another way to estimate Elliot wave #5 down is to use a Fib Retracement from the previous low of #3 to the High of #4 extensions should be downward.
The traditional wave #5 falls to the range between the 1.272 and the 1.414 ...Highlighted in the chart
Now combine all the stats abd the 5 Day BBWP turning up and Stochastic turning down ...BTC should go lower
Wave #5 should also have 3 inner waves, down first...Today's draw, possibly a bit more, then a bonce up and then further down to the area...
where ALL HIGHLIGHTS CROSS ON CHART
between $14600 & $15600
also be prepared for the 1.618 to be a wick at the 85% in the 13K bracket where the monthly closing high of the 2018 bull run hit
Look at world markets and the DIXY too and OIL costs, the FED all that BullShit...they want all markets lower and more people unemployed and spending less money(ramble)
We'll see how this pans out and revisit in a few weeks
