2018 Cryptocurrency Crash (Elliott Wave)

[Enjel]

Yeah.. everyone just ignore the fact that this has happened forever in the history of crypto.. Jan. crashes.. and instead make fud with "technical analysis"..

[DroidR17A]

There has been a lot of talk in the press about a massive crypto crash, but put it into perspective...it went crazy last month, this is just an adjustment, and most currencies are still worth x3 what they were six months ago. The sky is not falling. In fact, there is more adoption for BTC as a currency that ever before. Overstock now accepts BTC, as does KFC Canada, and soon the Mavericks will. https://www.ccn.com/dallas-mavericks-accept-bitcoin-next-season-says-owner-mark-cuban/

The Singaporean Central Bank Chief is backing cryptos: https://www.ccn.com/singapore-central-bank-chief-wants-cryptocurrency-to-survive-crash/

There is NO Korean ban: https://www.ccn.com/south-korea-govt-confirms-no-cryptocurrency-trading-ban-market-optimistic/

And while the doom and gloom brigade are out in force, others are far more optimistic: https://www.ccn.com/bitcoin-price-to-hit-100000-in-2018-predicts-saxo-bank-analyst/

To quote The Hitchhikers Guide to the Galaxy - DON'T PANIC!

[xxxx123abcxxxx]

As the day transitions from Tuesday to Wednesday across timezones, the Crypto market has paused taking stock of the first leg of the crash.

Since its all-time high set on 17 Dec 2017, Bitcoin has now declined 50% in value and is currently finding support at the $10000 level near the 22 Dec 2017 lows. This is an illusory psychological place where both the bulls and bears mull over their next move hoping for support or resistance respectively.

After pausing, deliberating and moving sideways for 11 hours thus far, eventually the bears are scheduled to take control. It appears the second leg, and more intense part of the crash is going to unfold during the London session were the opening bell has rung over an hour ago. Alternatively, a sideways and whipsaw behaviour to trap more buyers and sellers may extend into the US session and early Asia session. Either way, the next crash leg is looming.

The overall grand target is an approx 78% decline with a target capitulation range of $2000-$4000. Hence, the crash is just half-way through. Another 50% decline in other cryptocurrencies suggests that many shall become extinct.

Estimate for the next level of support remains unchanged from overnight, in fact the previous trade speculative short position, is still in play.

The second phase of the crash leg psychologically represents the apex of the "fear" stage. The point of recognition and self-realisation. This is where price action is submerged within several degrees of deep fractal price formations; i.e. the depths of the abyss with a seemingly bottomless chasm.

(See attached chart for following illustration)…

At $8061, wave-C equals wave-A in length (the larger A-B-C structure).
At $7116, wave-c equals wave-a times a Fibonacci 1.618 extension (of the larger C wave).
At $7600, represents a 61.8% decline of the entire Bitcoin market.

The average of these three price points is $7592. Hence, this represents an approx possible area of support and pause for the forthcoming second leg of the crash —naturally a place to close partial profits from a short position.

https://i.imgur.com/eXBFcrN.png

[zazzbg]

As the day transitions from Tuesday to Wednesday across timezones, the Crypto market has paused taking stock of the first leg of the crash.

Since its all-time high set on 17 Dec 2017, Bitcoin has now declined 50% in value and is currently finding support at the $10000 level near the 22 Dec 2017 lows. This is an illusory psychological place where both the bulls and bears mull over their next move hoping for support or resistance respectively.

After pausing, deliberating and moving sideways for 11 hours thus far, eventually the bears are scheduled to take control. It appears the second leg, and more intense part of the crash is going to unfold during the London session were the opening bell has rung over an hour ago. Alternatively, a sideways and whipsaw behaviour to trap more buyers and sellers may extend into the US session and early Asia session. Either way, the next crash leg is looming.

The overall grand target is an approx 78% decline with a target capitulation range of $2000-$4000. Hence, the crash is just half-way through. Another 50% decline in other cryptocurrencies suggests that many shall become extinct.

Estimate for the next level of support remains unchanged from overnight, in fact the previous trade speculative short position, is still in play.

The second phase of the crash leg psychologically represents the apex of the "fear" stage. The point of recognition and self-realisation. This is where price action is submerged within several degrees of deep fractal price formations; i.e. the depths of the abyss with a seemingly bottomless chasm.

(See attached chart for following illustration)…

At $8061, wave-C equals wave-A in length (the larger A-B-C structure).
At $7116, wave-c equals wave-a times a Fibonacci 1.618 extension (of the larger C wave).
At $7600, represents a 61.8% decline of the entire Bitcoin market.

The average of these three price points is $7592. Hence, this represents an approx possible area of support and pause for the forthcoming second leg of the crash —naturally a place to close partial profits from a short position.

https://i.imgur.com/eXBFcrN.png

And what comes after that?

[xxxx123abcxxxx]

And what comes after that?

Too far, need more wave formations to project further!

[xxxx123abcxxxx]

With the US waking up (09:30 New York time), expect price action of the crash to commence terminal velocity; i.e. freefall.
Exchanges may possibly experience price delays and outages.

[sjefdeklerk]

With the US waking up (09:30 New York time), expect price action of the crash to commence terminal velocity; i.e. freefall.
Exchanges may possibly experience price delays and outages.

$9533, it's beginning!

[Enjel]

Just wait for the Asians to buy this stuff back up when they're done with their taxes.

They must be laughing at the rest of the world, getting destroyed by Wall Street too.

[thejaytiesto]

Fuck elliot waves, most people are looking at bitcoin wisdom using trend lines, so I say wait for the lowest possible rebound at around $6200 and get in back there, if you want to be more conservative, around $8700 (but if this support is broken, then apply $6200 ish entry point, and if that is broken... well then my friends, we are fucked, but the good news is, we will get to amass more BTC for the next ATH).

[xxxx123abcxxxx]

Interestingly, the wider markets are remaining unaffected.

Initially thought there would be a flight to safety in gold, or erroneously the US dollar by misconception; however, both remain steady and even crypto stocks like NVDA are unaffected.

This is a provoking insight illustrating the small isolated footprint of the cryptocurrency market.

Just a 1000 people own 40% of Bitcoin, with them now gone, are the small millennial accounts going to support prices?

This doesn't bode well for Bitcoin, dare I say even my range of $2000-$4000 may be lofty.

[potpockets]

I do not think that bitcoin can fall so much, but this will be a very important week for bitcoin and will depend on the next news. More I do not see price difficulties reach 8k.

[Enjel]

We're going to see sub-9000, due to at least one wave of panic-sells over the next few days, and possibly lower (following the traditional new year charts)

After that, we're recovering to 10k+ and we're never going to see sub 5-digits ever again.

[xxxx123abcxxxx]

Attached is a tentative look into the internal wave identification of the first Primary wave of the crash.

Should the tricky speculation be correct, it may suggest a final flush down to $8061/$7600/$7116 ($7592 average) during the early Asia session.

Guesswork of course! 

[MCVXYZ]

when the price was  $2000 [...] even the marketcap was very low

You do realize that the market cap is just the price times the number of coins in existence, right? Of course the market cap will be lower when the price was lower.

Wow, are there still people who believe in that bitcoin will crash at some point?

I mean, it's happened before.

After the 2011 bubble (peak ~$30/BTC), we spent quite a few months in the single digits.
After the 2013 bubble (peak ~$1000/BTC), we spent over a year in the $250 neighborhood.
I would call those "crashes".

So why is a crash now unbelievable? Even a crash to $5000/BTC or so?
Doesn't mean that "Bitcoin is finished" or whatever. Just that the price is lower (comparatively) for a while.

if bitcoin crashes, another altcoin will replace it.

This much is probably true, even if only temporarily. The Ethereum price, f'rex, is growing pretty rapidly right now, even with other coins taking a bath. Bitcoin isn't the only game in town anymore, so even people getting out of one cryptocurrency can just move to another.

Thats true Bitcoin is not finished and that price is lower,But  I believe and there are all precondition that price will be stable very soon.So peope said that This is hopeless situation and price will never be as much as it was,But why Miners in China cann't change the location? This will be good solution and I think it is  theoretically possible.They can choose Countries wich have liberal approach about similar issues.for example Iceland,Germany,Georgia and others.So,Even in this difficult situation there are solutions and people must stop panic selling.

[debuni]

 

• Cryptocurrency bubble appears to be over, and a spectacular crash and bear market seems imminent.
• Bitcoin may bounce towards approx $15500 on Bitfinex, followed by a crash towards $7000-$8000, and then eventually to $2000-$4000.
• Majority of other cryptocurrencies may cease to exist.

 

• https://redd.it/7ptsg3

Currently there are literally a hundred of projects with better protocol and features than Bitcoin.
They will never stop to exist.

Your FUD is unnecessarily.

[drays]

• Majority of other cryptocurrencies may cease to exist.

I cannot comment on your predictions on Bitcoin price, as I don't consider myself to be a prophet (unlike you, it seems)

However the statement I quoted above is so naive... It just shows you are complete novice in cryptocurrency world.

Those "other cryptocurrencies" existed when Bitcoin was worth 20 times less, and they were worth almost nothing. Coins exist because there is a community around them, but not only as a tool for trading. Few of them survived periods when they didn't have an exchange to trade, some are almost forgotten, but still exist while there is at least a small community (especially this refers to PoW coins). You are just a trader, and you think like trader, without seeing other aspects of projects. Despite trading, there are lots of reasons to support a coin or develop it. There is a serious technology behind some of coins, and there is fun behind ohers. There is just a dedication and sympathy behind the rest. That alone will keep most of them running, despite of the price of Bitcoin.

These things are created by engineers, for people who love technology and love playing with it. What this even has do do with such things as 'price' is..?

[marcbitcoins]

 

• Cryptocurrency bubble appears to be over, and a spectacular crash and bear market seems imminent.
• Bitcoin may bounce towards approx $15500 on Bitfinex, followed by a crash towards $7000-$8000, and then eventually to $2000-$4000.
• Majority of other cryptocurrencies may cease to exist.

 

• https://redd.it/7ptsg3

I see only very small possibility of this FUD because i always think that the crash was due to South Korea is leaving the crypto world in this crash was the result of it and i do not see any relation to Wave predictions. If i did not afraid og China before that was much powerful and richer economy how much more of this smaller South Korea. This crash will end very soon and holding our coins will prevail in the end.

[rizkyhiw]

 

• Cryptocurrency bubble appears to be over, and a spectacular crash and bear market seems imminent.
• Bitcoin may bounce towards approx $15500 on Bitfinex, followed by a crash towards $7000-$8000, and then eventually to $2000-$4000.
• Majority of other cryptocurrencies may cease to exist.

 

• https://redd.it/7ptsg3

No one will foresee the future of bitcoin, or anything like that. We've had worse things in the past few years.
At that time people start spreading FUD, manipulating many people.
I know what they mean, once they manage to manipulate bitcoin prices then they will buy as much as possible to profit by all means.

[Enjel]

Why does this fool stop posting every time the BTC price breaks his "TA"?

It makes no sense to "predict" a crash when the price has already dropped..

[xxxx123abcxxxx]

Why does this fool stop posting every time the BTC price breaks his "TA"?

It makes no sense to "predict" a crash when the price has already dropped..

Can't predict every move, that would be black magic!

The analysis still suggests a final flush down to $8061/$7600/$7116 ($7592 average); followed by a strong bounce where the masses start to 'moon' again; and then, eventually to $2000-$4000.

The route price action takes to get there becomes tricky to predict as the wave formations become congested with nested fractals —due to increased volatility and whipsaws generated by fear between buyers and sellers. Prior to that, the analysis held well.

Nevertheless, I shall endeavor to post speculative analysis when given the time.

At the moment, a bounce to towards $12295/$13242 ($12768 average) appears plausible before the aforementioned flush down.