Second Wave to Complete Retracement

[NickoCrypto]

 I'm using a chart to define Elliot Wave theory with 5 wave. I believe on the monthly we are currently in correction and retracement of a second wave. As we saw a 85% correction in 2012 we can use from high which would be a $3.5k correction from the current high. Not sure where this places onions but it would like be 85% of high which is approximately where we are atm.

http://i68.tinypic.com/4g3rxh.jpg

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[MinerHQ]

There is no hard and fast rule that this time also needs to go for around 85% correction. Not so easy to guess when it can take a U-turn everyone has their own theory to justify their investments. But if you plan to enter at that level then better don't wait for that price to reach instead you can start buying in small quantities now itself.

[NickoCrypto]

You can never pick the top or bottom of a chart and if you do its probably luck so buying a little bit at a time is probably best way or buy lows only.

Also it could be three months or 3 years before we carve out a low here on BTC, it took another five years for BTC to come off its lows from 2012.

[Andrey123]

Bitcoin no longer obeys technical analysis.
After his public announcement, he became very exposed to news.
And now it depends on them in which direction he will go.

I will not tire of repeating, everything else is useless! And the very meaning of the crypto currency changed when the states of all countries decided to control them!

[NickoCrypto]

Oh I so disagree it's been following technicals with nice steps with support and resistance. News does affect it and you can see those spikes, buying and selling opps

[Idrisu]

Alot is happening I have seeing technical analysis not been able to predict the price for long term.  We are at the time in trading circle were only news and twitter posts influence the price and most times technical indicators are set aside. The price is on the bearish directions and no one really know were things are heading to.

[nikisev]

Tech analyzes is tricky for BTC.
It has no real history to provide some context.
Be careful coming to conclusions.

[gabbie2010]

I'm using a chart to define Elliot Wave theory with 5 wave. I believe on the monthly we are currently in correction and retracement of a second wave. As we saw a 85% correction in 2012 we can use from high which would be a $3.5k correction from the current high. Not sure where this places onions but it would like be 85% of high which is approximately where we are atm.

From your analysis bitcoin is expected to pullback or to make correction to $3.5K well I respite your analysis but I don't think it's possible to pullback to that range, of course technical analysis do work well forex or spot trading but at times bitcoin and other cryptocurrencies do defies TA, in views that the pullback might necessarily reach $3.5K due to upcoming positive FUDs.