koryu

Bitcoin two scenarios for the current correction phase

BNC:BLX   BraveNewCoin Liquid Index for Bitcoin
Doing some brainstorming and observations on the historical bitcoin             chart to figure out whats happening next...

It's the fourth time that bitcoin             has a major bull run.
To get an idea what to expect now I check what happened the last times:

  • Two times after a rally we had a long bear market before prices recovered to old highs. One time we had a major correction which was bought up more quickly.
  • The breakout of the bear markets was after a block reward halving.
  • When the monthly close price broke the previous bubble close top there was a bull run up.
  • When the price broke out, it didnt fall below the breakout price again during the correction
  • The price range of the correction was the same like the last 2-3 green monthly candles

My conclusion:
Option 1: We could be in a correction like after april 2013: btc             would be bought back up and we see a new all time high within next months. For this option we would have to close a monthly candle above 14000 usd.

Option 2: We enter a major bear market in which we should not see prices below 1189 (previous bubble top) usd but might also not fall below 4000 (3 green monthly range). It is likely that this correction / consolidation is a large triangle because of the elliot wave "rule of alternation". In a longer bear market it should be good to accumulate btc             again during an accumulation phase some months before the block reward halving in year 2020.


These are the two scenarios I am preparing for. So I dont get surprised by one or the other.

Whats your guess?
Kommentar: For the weekly chart I would expect a triangle or abc

snapshot
Kommentar: breaking the neckline should start the B wave
snapshot
nice job mate ^_^
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Good work
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