R...
R... 2 minutes reading from Bitcoin

$BTC, Bitcoin Cash, Ripple, Litecoin: Price Analysis, Oct 21

BTC Bitcoin

1) The numbers you see on this chart are rough numbers. They are not 100% accurate, but it gives a good overall view.

If i follow the Elliot Wave rules then we have finished 1 big cycle (I). This would mean that we are in a (big) bear market since Nov 2021.

BTC Bitcoin

2) That would mean that we are in the making of one big ABC to finish up leg II in the big cycle. A ABC correction usually consist of 5 legs to the downside, then 3 legs(ABC) up, then again 5 to the downside.

BTC Bitcoin

3) That would give us this picture. So if we follow previous bearmarkets then we see a decline of -84%. That could suggest that we are going to 11000 to finish up leg number 5 (A), then ABC up, then 5 legs down again to finish up leg II. Where does this bring us?

BTC Bitcoin

4) I dont know. So the bad news could he that we are going so be in a bear market for a very long time. The good news could be is that if we finish up leg II then we are going to start leg III which is usually the biggest leg.

BTC Bitcoin

5) This is just a theory. I am not saying this is going to happen or that it is correct. It is just when i follow the rules is that this comes out of it. Feel free to comment or to post alternative views!

This post is based on this twitter thread.

Comments

Please login to comment.