Patterns, we look for them all the time, to give us a hint at the future!
Friends, I know this chart is busy, and I was in two minds about publishing it, but read it closely and you will get what I'm saying. There's a school of thought that we are currently in Grand Wave 5 (see red impulse wave), and this is the basis of my first idea published "Fork in the Road". Another possible interpretation is an impulse wave, followed by an ABC correction, and now either a triangle wave (as published in my idea "180 degrees in a Triangle) or another impulse down.
No matter which way you look at it, the current wave is either a triangle wave or an impulse wave (yes an ABC correction is possible too, but I'd say unlikely if we test 6k again). We've already broken the lower trend line of the triangle wave, which I had at 7540 ... but with market dynamics, I'll forgive being off by 100 points ... so I'm not ready to write it off. However, no doubt if we hit the previous low of 7240 on Bitfinex, or lower, it validates Grand Wave 5, and I wouldn't be surprised if we hit 6k again in weeks to come.
Obviously there's no guarantees, and only a fool would bet on a single option.
As usual, do not use this for investment decisions, just for educational purposes.
Friends, I know this chart is busy, and I was in two minds about publishing it, but read it closely and you will get what I'm saying. There's a school of thought that we are currently in Grand Wave 5 (see red impulse wave), and this is the basis of my first idea published "Fork in the Road". Another possible interpretation is an impulse wave, followed by an ABC correction, and now either a triangle wave (as published in my idea "180 degrees in a Triangle) or another impulse down.
No matter which way you look at it, the current wave is either a triangle wave or an impulse wave (yes an ABC correction is possible too, but I'd say unlikely if we test 6k again). We've already broken the lower trend line of the triangle wave, which I had at 7540 ... but with market dynamics, I'll forgive being off by 100 points ... so I'm not ready to write it off. However, no doubt if we hit the previous low of 7240 on Bitfinex, or lower, it validates Grand Wave 5, and I wouldn't be surprised if we hit 6k again in weeks to come.
Obviously there's no guarantees, and only a fool would bet on a single option.
As usual, do not use this for investment decisions, just for educational purposes.