masterluc:
Do you assume the 152 bottom was C?
From 0 to 1150 bitcoin was an endless source of impulse waves and pretty nice ABC / wedge corrections. Sure, it wasn't easy to get the wave count correct but you could clearly recognize impulse waves everywhere at all scales. There was a reason you could call the top with some confidence.
After 1150 its just an ocean of corrective waves as far as i can see. If 152 was C it would be reasonable to expect that the corrective waves would be replaced by impulse waves. Look at the run up to 317, that is not a pretty sight.
And look at the recovery from the 198 low now, a rally like that should be a symphony of impulse waves that iterated nicely, but its not, its just corrective waves and zigzags.
What is your take on this?
5-3-5 flat correction since ATH looks good however. Since my suppositional C @152 there were strong impulses with rising volume. I recognize this as bulls awakening. But they are only woken up and started some bullish development. Bulls don't have enough power so far to quickly deal with post-bearish market shock.
So here is a battle now, a lot of bull and bear traps for thrend changing. I don't count it as it is too early to do this. I only see bullish awakening in its early stage.
Furthermore, I recognize Bitcoin as living creature, as superposition of all its intelligent participants. And it has a feature - it is a currency. And volatility for currency is bad. So after volatility this creature goes to calm. So after a bullish and bearish storm it tries to calm to allow itself to be a currency. To allow people for some time to buy and sell goods and services without looking back for volatility. Market does range lock - and here it is. $230-$250 for two years. Good? Absolutely.
These calm aspirations of bitcoin will rise with time, as it should be a currency. There will be decades of range lock in future during bitcoin times. Without regulation.
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