Here's a quick Bitcoin TA market update...
Lots of fear of bitcoin going down to 20k recently in coin base headlines... https://www.coindesk.com/guggenheim-minerd-bitcoin-top
This is typical of turning points in social mood...
What I'm going to share with my readers to day is how to use the news to your advantage and how to measure social mood with Elliot waves.
Let's Begin... In the chart below I've charted intermediate degree waves highlighted in green. The wave 2 of this degree was a triangle as we see.. Using the rule of alternation of correction patterns of the same degree, we can conclude that the current 4th wave correction will be a zigzag or flat... but looking more like a zigzag. Let's zoom in on the intermediate 4th wave and compare news articles for social mood and wave confirmation.
Here is a zoomed-in chart of the intermediate fourth wave. The Yellow is a minor degree wave and the reddish color is a minute degree. What is typical of fourth waves is they generally test support of the fourth wave of 2 degrees less (minute degree) which is circled in red in the chart below. So far it appears that we are in a zigzag correction which is a 5-3-5 move. I generally just mark the last 5 waves in C wave since that is the important part for getting a great position.
Now I'd like to bring your attention to that article at the start again, https://www.coindesk.com/guggenheim-minerd-bitcoin-top
Notice the date was Jan 21st when it was published...Now compare it to yesterday when we saw bitcoin go below 30k temporarily. Marking an end of iii wave bottom... we should now see a bounce fourth wave and one more test on the bottom of the channel to complete wave v and test that fourth wave of 2 lesser degrees which is highlighted in the circle again.
Keep in mind waves unfold with price action but are very good for tracking social mood. The rule of thumb is News is a lagging indicator and generally expresses itself when the move has already been complete. So in this case we have seen a barrage of negative news like 20k bitcoin. From what I can tell is this is another buying opportunity in the face of negative news.
Elliot waves are expressions of Social Mood. usually wave 5 tops are met with exuberance and very positive news like bitcoin going to 100k even though it's only at 40k and had a good run already... Now we see the opposite as I explained above.
The buy up to for BTC is $40k USD... I know it's a lot but there are many underlying conditions that would this correct.
After this correction which I expect to clear up by the first week of Feb should have us rally into the summer. I can explain why I think this but not in this post as it is long enough already.
If you like my analysis please follow or like. I also post about wealth control outside the banking system with strategies such as infinite banking, bullion, and crypto of course.
Follow or like is always appreciated.