The low is over ,in my opinion. On Friday, February 2, at 1245 GMT. At that time, in the 7960 USD for Bitcoin, I estimate concluded all the consolidation started on December 17, 2017 from the record highs of 19891 USD.
The structure of the fall is a plane, quite expanded, but flat at the end because it does not meet the minimum requirements to be considered a zig-zag, although having been such a weak plane it resembles in operational mode and in general bearish psychology a zig Zag.
As a plan, and as a countertendency movement, it offered three corrective sections: Wave A from 19891 to 10700 USD (December 17 to 22, 2017); Wave B from 10700 to 17252 (December 22, 2017 to January 6, 2018); Wave C from 17252 to 7960 USD (January 6 to February 2, 2018). Wave C was a diagonal triangle or wedge, where subwave D overlaps subwave A and where each subwave was naturally deployed in three movements, so the wave C wave descended during these weeks, locked and lateral during most of the Time consumed. The internal dimensions of the plane are spectacular; Wave A (19891-10700) is practically equal to Wave C (17252-7960 USD); but in addition Wave B of the plane retreated 71% of Wave A, or 10 points more than necessary to not be a zigzag.
What did this correction mean and what fragment of the Bitcoin story did it cut? In my interpretation, the whole of the 166.45-19891 USD path between January 14, 2015 and December 17, 2017, since none of the internal setbacks over the last three years of the market reached the magnitude or had the international drama offered by the lowered 19891-7960 USD. There was, in addition, a really strong additional ingredient that "substantiated" the decline: many US intermediary banks, in abusive and probably illegal use of their powers although nobody dares for now to dispute their positions in the courts of New York, they decided to block any payment in USD related to bitcoins, either from or to the United States, or from non-US points among themselves, even if the transferor and receiver were unobjectionable from the point of view of the preventive regulations of money laundering and of financing of terrorism.
It is precisely that the fulfillment of the legislation in this sense, and even the over-compliance of the rules by the most serious bitcoin companies in the world has led the compliance teams and the leaders of the international banking to carry out a Last attempt to stop the evolution of Bitcoin and destroy their quotes.
The best that can be expected from the debit card at the time of the massive cancellation of the balance loading programs from positions originating in bitcoins. This offensive of the financial establishment, fearful that there is liberal market competition against the paper money system and banking created from secondary money at will, where the bank requires a license from the conformed state as well as a monopolistic model of exploitation and levying resources for depositors and consumers, has caused temporary damage in Bitcoin but has not managed to destroy it.
Technically, to confirm the proposed content, the following resistances are required in the next hours or brief days: 9231-9760-9900 USD. In this way, the bitcoin would begin, in a new version of 7960 USD on Friday, a monumental climb of medium and long as the logarithmic reach minimum of the lived in the last three years between 166.45 and 19891 USD, that is to say a whopping 119.50 times of increase, which added to the 7960 USD of 2/2/2018 will place the product further back towards December 2020 or January 2021 at the level of 951220 USD minimum.
The projected three-year rise, 7960-951220 USD would constitute a Wave 3 of 3 supercycle, where the rise 166.45-19891 USD would have been Wave 1 of 3 and the rise 0.003-1163 USD of the years 2010-2013 the Great Wave 1 of supercycle.
WARNING: The analysis carried out is not allowed for sale to buy or sell BTC in your cash or financial material forms, nor can it be taken as a recommendation or advice in your case, it is published erga omnes and without consideration economic for its issuer.
This text wasn´t written by me, the author is Carlos Maslatón
Original post https://www.reddit.com/r/Bitcoin/comments/7vcuxv/yes_the_drop_is_over/