Hey my fellow Steemers,
My name is Karl, I'm 24 years old, and I enjoy doing Technical Analysis for Cryptocurrencies in particular. I know 2018 has been a harsh year for many who invested in Bitcoin and other alt-coins, especially those who bought in at the peaks. I just wanted to say that it's easy to lose sight of the forest for the trees. In other words, when you focus on the smaller details you can't see the overall picture in view. I really believe Bitcoin's correction is almost over, and we will see another bull run the last few months of this year, and throughout 2019.
...and here's why.
https://www.tradingview.com/chart/BTCUSD/oWkKPcng-Bitcoin-to-82-000-Bitcoin-Five-Elliot-Waves-Up/
If you look at Bitcoin's whole life structure, it's shown a nice five wave Elliot wave structure, where we're currently on Wave 4, a corrective wave that generally does not last that long, nor is the correction that steep. It may look like Bitcoin had a steep correction, but when you look at the big picture, it's relatively small, and short.
To me, it looks like Bitcoin will have a final 5th wave up which may last the whole year of 2019, then an ABC correction that follows. This may take a while, a few years may not be out of the picture. So prepare yourself. Elliot wave theory is not a rule, it's something that happens enough times that it could almost be considered a rule.
According to this chart, Wave 1 was the largest wave, larger than Wave 3 which is typically the largest (extended wave).
This mean's that according to Elliot wave theory, the 3rd Wave, can't be the smallest, so in order for that to happen, Wave 5 needs to be shorter than Wave 3. So I've projected Wave 5 to the top of the channel, and it doesn't violate this Elliot wave principle. It also takes Bitcoin to around $82,000.
I hope you enjoyed the chart, and too many who are still invested, don't be discouraged, Bitcoin will rise again.