#BTC - Elliott Wave and Fibonacci Analysis
Hello,
#Bitcoin correction isn't over yet.
Events Occured:
1- Elon Tweet gave the first catalyst.
2- INFLOW A lot of whales started depositing their Bitcoins into the exchanges
3- Whales started shorting the triggering the short term leveraged investors to give up their bitcoins in panic and exchanges pulled up the Bitcoins leveraged position and panic sell off.
4- Fibonnaci level support was tested and whales started gobbling all the Bitcoins from exchanges. All the whales wanted to grab as many Bitcoins they can, causing Coinbase to charge extra premium due to high demand.
5- Outlow exceeded the inflow from exchanges.
Events to be followed:
6- Stability phase, but a lot of media attention, a lot of statements from authorities from US Feds (IRS transaction news), China's Premier's statement today to crackdown on BTC miners and traders, this phenomenon will continue with lots of media news which triggers Bears to short the BTC, until Bears strength gets weaker and weaker.
7- Patience is the key until BTC closes Fibonacci support above ~$47,000 level. Bull run begins.
#Bitcoin correction isn't over yet.
Events Occured:
1- Elon Tweet gave the first catalyst.
2- INFLOW A lot of whales started depositing their Bitcoins into the exchanges
3- Whales started shorting the triggering the short term leveraged investors to give up their bitcoins in panic and exchanges pulled up the Bitcoins leveraged position and panic sell off.
4- Fibonnaci level support was tested and whales started gobbling all the Bitcoins from exchanges. All the whales wanted to grab as many Bitcoins they can, causing Coinbase to charge extra premium due to high demand.
5- Outlow exceeded the inflow from exchanges.
Events to be followed:
6- Stability phase, but a lot of media attention, a lot of statements from authorities from US Feds (IRS transaction news), China's Premier's statement today to crackdown on BTC miners and traders, this phenomenon will continue with lots of media news which triggers Bears to short the BTC, until Bears strength gets weaker and weaker.
7- Patience is the key until BTC closes Fibonacci support above ~$47,000 level. Bull run begins.
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