Post
Topic
Board Speculation
Re: Warning! Here's Why BTC is Set To Fall To 3000 or Lower!
by
figmentofmyass
on 25/11/2019, 23:30:47 UTC
Looking at this weekly log chart of Bitcoin , you can CLEARLY see that BTC has printed five impulse waves up. The first wave began at it's creation, and the fifth wave ended at the high of 2017. Since then, BTC has clearly been in an ABC correction phase. I mentioned this as a possibility in the past, and here we can see that it really seems to be playing out.

it would really help if you shared your chart, for visualization purposes. we also can't tell if your wave count follows the rules/guidelines, so we can't tell how likely it is to be correct.

our resident EW analyst has a preferred count that puts us in primary wave 5: https://bitcointalk.org/index.php?topic=5128394.msg53171045#new

You may be wondering why the regression arc is so important. In my view, it's the primary technical formation projecting that BTC will rise to the hundreds-of-thousands range. If it is broken and not recovered, BTC may never reach those lofty targets of common belief.

why? in a wave 2 pullback, one would expect the trendline in wave 1 to be broken.