Elliot Wave doesn't work!
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...unless you put a thousand hours into it...then occasionally it might work : ) You can actually mine any skill if you throw enough time/energy into it--just make sure you change up the nonce (your approach) here and there. Throw ten thousand hours at it and you might just master it.
Technicals: The .786 fib (and adam and eve projected target) was hit on my last chart. I was looking for the aggressive target to get hit as well but the low time frames pennant broke down instead of up which is usually not a good sign. If the key level of 11k does not a hold a 50% retracement to the low 8xxx's seems likely. In the broader scheme of things it seems the market has formed a consensus the bottom is in. The bullish case for bitcoin could not be stronger and I believe we are going to 500k conservatively in this next bubble. With that said many were caught with their pants down expecting
1K bitcoin or even lower. I believe the patient big money has not developed big enough positions yet and have been waiting for a real dip to buy (they don't like to chase price). Could we go back to the eternal range of 6k? Anything is possible but I find that incredibly unlikely. Too much money is waiting to enter the market here and you could have been buying 6k-3k all throughout 2018--markets are not usually that accommodating as to let you get another chance at those prices. In conclusion, I am wildly bullish on bitcoin, but short term bearish.
Good luck.
Technicals: The .786 fib (and adam and eve projected target) was hit on my last chart. I was looking for the aggressive target to get hit as well but the low time frames pennant broke down instead of up which is usually not a good sign. If the key level of 11k does not a hold a 50% retracement to the low 8xxx's seems likely. In the broader scheme of things it seems the market has formed a consensus the bottom is in. The bullish case for bitcoin could not be stronger and I believe we are going to 500k conservatively in this next bubble. With that said many were caught with their pants down expecting
1K bitcoin or even lower. I believe the patient big money has not developed big enough positions yet and have been waiting for a real dip to buy (they don't like to chase price). Could we go back to the eternal range of 6k? Anything is possible but I find that incredibly unlikely. Too much money is waiting to enter the market here and you could have been buying 6k-3k all throughout 2018--markets are not usually that accommodating as to let you get another chance at those prices. In conclusion, I am wildly bullish on bitcoin, but short term bearish. Good luck.
Note
There goes 10k...Note
Note
50 fib kissed and then wicked on the candle chart...nice volume. Line chart based on closes so may or may not get there. "good luck with your elliot waves bro" /s
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