We continue the discussion on Bitcoin market. Today we will take a closer look at a phase in which this coin is now - bear phase. Here we can apply Elliott wave principle.
The main thing you have to know is that this principle describes conception that changes the market. But we can't talk about some factual forecast.
Pretty lines I drew show five-wave model.
Wave 1 is a critical moment and the beginning of a new trend.
Wave 2 makes a pullback and gives a pretty good moment to enter the market(for short positions in our case).
Wave 3 is the strongest and the most longstanding wave ( Bitcoin forms this wave now but we can't be sure that it will end soon).
Wave 4 is one more pullback. Traders that entered too late, now get trapped.
Wave 5 is the last inertial push of the trend. It is much weaker than wave 3.
In the end, there are correctional waves ABC preceding trend change.
I drew perfect path Bitcoin has to follow before the end of the bear phase.
Remember, it's just a conception of motion. We even can't be sure about the determination of the point at which we are during the 3 wave.
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