The Elliott wave theory (BTC)

[omfg.xekcep]

Does anybody use the Elliott wave theory on trading BTC? It would be interesting to get to know your vision of the current market situation (and charts, if any). What do you think about this type of market analysis? Is it suitable for analysis of BTC?
I like BTC and I am holding BTC but I consider that if BTC will not hold the resistance level 6000$ then the next prices of BTC are 4000$ and 2000$. What do you think about that?
Let us discuss and share opinions.

There is a picture below it is just my vision of the situation.
(http://i65.tinypic.com/ncy5cj.jpg)
 

[Hughesy26]

I would be really surprised if we dropped below 5k.

To be honest I think that due to the very size of the btc market it is being manipulated heavily. Therefore, normal analysis techniques go out the window.

That's just my (cynical) view though! Perhaps others have a different opinion?

[omfg.xekcep]

I would be really surprised if we dropped below 5k.

To be honest I think that due to the very size of the btc market it is being manipulated heavily. Therefore, normal analysis techniques go out the window.

That's just my (cynical) view though! Perhaps others have a different opinion?

It is just my assumption. I am not an expert and I am not so a insight person to make exact predictions. I just wanted to share my vision with the community. Everybody can make sure how excellently the Elliott wave theory conforms the previous strong bullish uptrend (1-2-3-4-5).
I have already seen the daily chart and it is nice that while BTC is holding the resistance level but we need to wait some time to make sure that BTC will hold 6000$ level.

[Classica35]

Analysis sometimes, such as the one we have in the chart might not be applicable when it comes to the price of bitcoin. The price chart might go against that analysis and i won't be surprised if it happens. Some people are behind crashing the price of bitcoin.

[omfg.xekcep]

Analysis sometimes, such as the one we have in the chart might not be applicable when it comes to the price of bitcoin. The price chart might go against that analysis and i won't be surprised if it happens. Some people are behind crashing the price of bitcoin.

You are probably right I also think that market is mostly unpredictable but anyway I am sure that an analysis is quite helpful when making an investment decision. As I am holding BTC I am monitoring its price quite often and I try to figure out when it will be a new upward trend.
As and everyone of you I want BTC to grow because my income depends on it.

[gerjiss]

I would be really surprised if we dropped below 5k.

To be honest I think that due to the very size of the btc market it is being manipulated heavily. Therefore, normal analysis techniques go out the window.

That's just my (cynical) view though! Perhaps others have a different opinion?

I think Bitcoin could drop below $ 5,000, to about $ 4,800, as it fell to this price a few months ago, just for a moment, but fell. And now it can also fall to this price and then begin to rise. This graph is called a Cup. I don't know about that theory. It's interesting, but I'm just starting to understand the trade.

[goatpo]

I see 2k on the graph I think is almost impossbile he reach this low price

[omfg.xekcep]

I see 2k on the graph I think is almost impossbile he reach this low price

I really hope that you are right however it is too early to make such a conclusion that BTC will not continue its downtrend and will not reach such low values like 2000$.
Anyway we will get to know the outcome quite soon.

[Icoalert00]

for me it is okay to decreased the value of bitcoin below $4000 but not that moment that almost every one in the cryptocurrency world will collapse. The value of bitcoin will increase and no one can stop it. It is the essence of bitcoin  to fluctuate.