Hello fellow Steamians and Crypto lovers
Showing an update of the Elliot wave count since it still holds true to my count. However There are two counts that I see in this Minor C wave. One has the Correction being done. The other Count Has One more move down to the mid trend line in the Kennedy channel.
Let's Begin
We will start with the daily chart.
So what needs to be understood is that this whole correction is literally just the First wave of a very Powerful Third Wave advance. Third waves typically happy with mass adoption or attention.
The 20g peak you below is just wave 1 of this powerful wave 3 that we are currently in.
What we just experience was a wave 2 zigzag formation. Meaning 5 down 3 up and 5 down again. This was completed at around 6g. When you take that whole run into account you get very close to a 61.8% with a little overshoot which is normal for oversold conditions.
The latest rally we seen looks like a wave 1 inside this massive third wave we are experiencing.
Once the wave (1) was completed we just experienced a wave (2) flat correction which is 3 down,3 up and then 5 waves down.
Another reason why I'm calling this a wave (2) is that is retraced 61.8% again compared to the latest run up of wave (1).
However with Elliott wave there is always an alternative count. Lets Explore those counts.
This count above has a 5 wave move completed...which means we should c a 3rd of a 3rd wave about to happen.
Here is the other count.
With the count we see that there is a possibility of one more thrust down to the 8500-8000 area before moving into a third wave move.
Remember Third Wave Moves coincide with Mass adoption and/or attention. We are in a massive cycle Third wave in my humble Opinion. Here is some reasoning.
People will want into to bitcoin more so then ever. Herd mentality will kick in. Also this analyzes coincides with Teeka Twari's advice of the second crypto boom is coming, and also coincides with what Jsnips4 and Bitcoin Bob is saying.
They are all saying that there is going to be big money flowing into this market. Why? Because there is apparently a Bitcoin Etf going to be releases soon...I'm hearing a week to a month time frame but I don't know for sure.
If that is the case it will fit nicely into my Elliot wave count and theory. The Reason?
Because massive third wave moves happen with mass adoption. With a Bitcoin Etf people will be able to go to there broker and actually purchase coins that are Held within the Etf. So for institutions or the man on the street wanting to get into CryptoLand this will be the first floodgate that opens and should propel this crypto market to well over a trillion dollars market cap.
Keep in mind it only reached 750b at the peak. There is an opportunity here.
Now to lower ones risk I would wait for a close above the upper trend line which is sitting at around 11000-11300.
Once price action closes above that trend line. The downward Trend will officially be DEAD and we will see some more Fireworks in the weeks and months ahead.
Thanks for reading and hope this helps anyone who needs it. This is not investment advice but merely analyzes with Elliot wave theory.
Upvote or Resteem if you think this can help anyone. THANKS