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BTC is in wave 4 of 3 or wave 4 of 5 (late night ramblings)Note: I am an amateur. Feel free to pick apart the wave count. My daughter is puking every twenty minutes...it's 3 am...i'm on puke bucket patrol...soooo i thought, let's count some elliott waves in between! 5 waves identified to get us to 2017 is it safe to assume we have already done a market cycle? i don't have any chart data for this... historically i know it went something like this... btc wave 1 of 1... pennies to $30 wave 2 of 1 30 to $2 wave 3 of 1 $2 to $250 wave 4 of 1 $250 to 60 Wave 5 of 1 $60 to $1100 (commence multiyear consolidation) Seems probable there was a market cycle before the run up to $30...but without the data, I am going to consider that A market cycle ended after we reached $1000. For now let's not concern ourselves if this is a macro wave 3 or macro wave 5. Now let's identify the sub waves of this macro 3 (or macro 5) so we completed a 5 wave cycle to get to 2017! Let's call that 1 of 3. and through 2017... 3 of 3. So where are we going after this wave 4? if we assume a bottom of 8k (which of course we can recalculate once we know the ACTUAL bottom of wave 4. but that is a popular buying spot so lets go with it), a 1 to 1 extension of the 3rd mini wave would put us at $26,600. a 1.618 extension would be $38,000. i'd suggest these as likely targets assuming the fundamentals on btc don't change much. -lots of excitement about cryptocurrencies in general (btc is meh) -high fees -no LN yet Now...if LN is released and it's working and people love it...we can look at the 2.618 extension and higher I suspect. Sell 50% of your alts for btc at that point.
BITSTAMP:BTCUSD
by whoisthelorax
2
IOTA finishing up symmetric triangle then blast offHere we see a perfect symmetric triangle having been formed on the 4h Binance chart (made my day that TV finally added Binance!) IOTA has just finished wave C of a ABCDE elliott triangle wave and we are headed up wave D. Due to the positions (tops/bottoms) of the waves, we should very well expect price action to break above the triangle after finishing wave E. If the waves continue to be parallel to each other (in other words, wave A and C and wave B and D show the same angles,) we should see a breakout around January 15th. If you are looking to accumulate, this may be the time. I will update later on where I expect price to go once the breakout occurs. As always, this should not be taken as investment advice and only be used for comparison against your own charts/analysis.
by spacemonkeey
8
Bitcoin is a BUBBLE ready to burst!We have witnessed the meteoric rise of bitcoin over the last 4.5 months from a mere $1,800 to $10,500. Now we shall witness the meteoric fall of bitcoin from $10,500 down to $1,800 over the next few months. Bitcoin is way over-bought. What we see now is a bubble and all bubbles must burst. Do not think for a second that we are on the S-curve that will only rise and rise because we are not there yet. I do believe that bitcoin will undergo the S-curve on its next giant wave but not this one. If you have sold your house and got into bitcoin a few months ago, I congratulate you but it's time to buy a bigger house now.
BITSTAMP:BTCUSD
by cryptoezvip
3