Analysis

[Wekkel]

You drew the lower line with only one price point touching it?

[firstcrypto]

You drew the lower line with only one price point touching it?

Yes, the blue line will create the second bounce, there might even be a third if its an ABCDE thing.

[BlackHayate]

Yes, the blue line will create the second bounce

Nostradamus, is that you?

[firstcrypto]

Yes, the blue line will create the second bounce

Nostradamus, is that you?

Maybe 'will' was a bit to strong. But: It was a top, there was a correction, since bitcoin started trading those wave 3 -> 4 corrections have been 95% wedges of this exact kind. Its like bitcoin love wedges when its rallying. It takes a lot of guts to make such a prediction on a public forum. I'm really putting my head out there for ridicule. Lets see how it plays out. If the bullmaket is strong enough it wont even do the second bounce, it will just penetrate the trend line and continue.

[bitcodo]

Maybe 'will' was a bit to strong. But: It was a top, there was a correction, since bitcoin started trading those wave 3 -> 4 corrections have been 95% wedges of this exact kind. Its like bitcoin love wedges when its rallying. It takes a lot of guts to make such a prediction on a public forum. I'm really putting my head out there for ridicule. Lets see how it plays out. If the bullmaket is strong enough it wont even do the second bounce, it will just penetrate the trend line and continue.

I was just wondering what bitcoin corrections are most likely.

[zby]

Yes, the blue line will create the second bounce

Nostradamus, is that you?

Maybe 'will' was a bit to strong. But: It was a top, there was a correction, since bitcoin started trading those wave 3 -> 4 corrections have been 95% wedges of this exact kind. Its like bitcoin love wedges when its rallying. It takes a lot of guts to make such a prediction on a public forum. I'm really putting my head out there for ridicule. Lets see how it plays out. If the bullmaket is strong enough it wont even do the second bounce, it will just penetrate the trend line and continue.

Wedge is different from triangle - at least use the same terminology as the other people here!

[firstcrypto]

Maybe 'will' was a bit to strong. But: It was a top, there was a correction, since bitcoin started trading those wave 3 -> 4 corrections have been 95% wedges of this exact kind. Its like bitcoin love wedges when its rallying. It takes a lot of guts to make such a prediction on a public forum. I'm really putting my head out there for ridicule. Lets see how it plays out. If the bullmaket is strong enough it wont even do the second bounce, it will just penetrate the trend line and continue.

I was just wondering what bitcoin corrections are most likely.

http://www.acrotec.com/elliottwave/ew5.jpg

http://www.elliottwave.net/educational/basictenets/basics_images/fig18.gif

In my experience bitcoin 'loves' those Ascending Triangles and Contracting Symmetrical Triangles. They are present on all scales and occur extremely often, and have done so from the very start.

It was masterluc and his (I think) unorthodox way of drawing the 4th wave correction in his elliot wave analysis that made me aware of just how often these patterns occur. It may be so simple that bitcoin is in a persistent long-term bull market and that this continuation pattern is a natural occurrence in bull markets. We are just so spoilt that get to see them so often.

[masterluc]

I think it should reach $2k-$4k in near future in a final push, especially if it will draw a triangle now 7-14 days long.

But I don't want to take a part in further market actions. I reached all my targets, dreams and so on. And now I cashed out for 80%. Thanks China. Thanks US Senate. Thanks uncle Ben, I like your Franklins in my hands.

I think selling in wave 4 of final historical 5 is not bad. I left 20% coins for final wave.

[bitcodo]

Congratulations Lucif & masterluc, well done!

[smoothie]

I think it should reach $2k-$4k in near future in a final push, especially if it will draw a triangle now 7-14 days long.

But I don't want to take a part in further market actions. I reached all my targets, dreams and so on. And now I cashed out for 80%. Thanks China. Thanks US Senate. Thanks uncle Ben, I like your Franklins in my hands.

I think selling in wave 4 of final historical 5 is not bad. I left 20% coins for final wave.

Target for me now is ~$3k.

Who knows how high it will go. But $2k to $3k is nice good target.

[masterluc]

Ah, of course thanks Satoshi and community, but I am still here =) Next entering point for me is in 2016-2017 year.

[smoothie]

Ah, of course thanks Satoshi and community, but I am still here =) Next entering point for me is in 2016-2017 year.

Don't speak too soon.

I don't think the bear market will last that long. 3-4 years?...Unlikely with how Bitcoin has moved previously since inception.

[BrightAnarchist]

Ah, of course thanks Satoshi and community, but I am still here =) Next entering point for me is in 2016-2017 year.

Agree completely on this, fits with my timeframe projections as well.

All of these epic, once-in-a-lifetime super-bubbles (stocks, bonds, housing, crypto-currency, and more) will ultimately collapse. Comparing now to the end of the roaring 20s doesn't do today justice... you'd have to go all the way back to the South Sea bubble to find comparable financial psychology.

[masterluc]

Yes, it's once in lifetime epic event. And I am happy I was participated. Such stories live in generations.

[sumantso]

Yes, it's once in lifetime epic event. And I am happy I was participated. Such stories live in generations.

Are you saying that more or less this was/is a bubble and its more likely to go to $100 than $10000?

[lucas.sev]

Ah, of course thanks Satoshi and community, but I am still here =) Next entering point for me is in 2016-2017 year.

Don't speak too soon.

I don't think the bear market will last that long. 3-4 years?...Unlikely with how Bitcoin has moved previously since inception.

So smoothie, aren't you going to mock lucif in your usual 'who sold at <xxxx way?  '

[Rampion]

Ah, of course thanks Satoshi and community, but I am still here =) Next entering point for me is in 2016-2017 year.

Agree completely on this, fits with my timeframe projections as well.

All of these epic, once-in-a-lifetime super-bubbles (stocks, bonds, housing, crypto-currency, and more) will ultimately collapse. Comparing now to the end of the roaring 20s doesn't do today justice... you'd have to go all the way back to the South Sea bubble to find comparable financial psychology.

Nothing compared to Bitcoin. The price of stocks of the South Sea Company started at roughly 100 GBP - the peak was 1.000 GBP. A ten-fold increase from 1719 to 1720.

We just had a ten-fold increase in BTC only in the last month. There's has been NOTHING comparable to Bitcoin in history.

[JustAnotherSheep]

?

[ElectricMucus]

Here is how a double exponential blow off might look like. The tops occur more frequent until the periods tend to zero at the top.
If that happens Aroon would have me expect a bubble pop mid December. The prices are only decorative since they have no basis to derive them and it's difficult to predict. The date however can be extrapolated loosely.

[Brisance]

https://www.tradingview.com/x/QsJs8Rny/



The recent sell off I spotted two days before it began and sold off all my positions and bought back in below $1000 here is what I noticed happening before the last sell off.

https://i.imgur.com/Y8UqP0Q.jpg