BITCOIN - Wave 2 In Progress - It's A Long Road Ahead...
The bigger they are, the harder they fall... This is in relation to expanding corrections.
In my previous chart of the Dow Jones I outlined how expanding triangles help a market coil up for the next big move.
In the case of Bitcoin it is very obvious what this means.
For starters if you count the waves up since 2009, Wave 1 ended in 2017 which is similar to the Dow Jones.
Believe it or not these markets do trend together in similar ways, but not exactly the same.
Another thing to note is that corrections tend to correct to the area just below previous fourth wave, but not always immediately.
In the case of the Dow Jones this still hasn't happened, the same with Bitcoin .
That doesn't mean that impulsive waves within the first major impulsive wave need to do this, I am talking about the correction after you have seen a completed impulsive wave.
At the end of the day we have not seen Wave C in Bitcoin yet.
Wave C's are very obvious, in fact we just saw one in the Dow Jones in March 2020.
We have not seen one here yet.
People use the term bull market loosely, often they do not realize that they are talking about a bear market rally.
Eventually ALT-COINS will not be referred to that anymore, eventually there will be a level playing field.
When you look at the wave structures of these ALT-COINS, it is not hard to see which ones will follow Bitcoin and which ones will follow the Dow Jones.
The Dow Jones only has one more large move down for Wave E whereas Bitcoin has not even seen Wave C yet.
When you take a look at TRX and XRP can you tell which one will follow Bitcoin vs which one will follow the Dow Jones? (see related ideas below)
I will be piecing these clues together and more as we progress through the series.
I am only just getting warmed up.
If you don't know the long term pattern shouldn't you be doing your research[b/] instead of just following the crowd??
Just remember: I am not a financial advisor, I suggest using this only as a guide. Always do your own research.
In my previous chart of the Dow Jones I outlined how expanding triangles help a market coil up for the next big move.
In the case of Bitcoin it is very obvious what this means.
For starters if you count the waves up since 2009, Wave 1 ended in 2017 which is similar to the Dow Jones.
Believe it or not these markets do trend together in similar ways, but not exactly the same.
Another thing to note is that corrections tend to correct to the area just below previous fourth wave, but not always immediately.
In the case of the Dow Jones this still hasn't happened, the same with Bitcoin .
That doesn't mean that impulsive waves within the first major impulsive wave need to do this, I am talking about the correction after you have seen a completed impulsive wave.
At the end of the day we have not seen Wave C in Bitcoin yet.
Wave C's are very obvious, in fact we just saw one in the Dow Jones in March 2020.
We have not seen one here yet.
People use the term bull market loosely, often they do not realize that they are talking about a bear market rally.
Eventually ALT-COINS will not be referred to that anymore, eventually there will be a level playing field.
When you look at the wave structures of these ALT-COINS, it is not hard to see which ones will follow Bitcoin and which ones will follow the Dow Jones.
The Dow Jones only has one more large move down for Wave E whereas Bitcoin has not even seen Wave C yet.
When you take a look at TRX and XRP can you tell which one will follow Bitcoin vs which one will follow the Dow Jones? (see related ideas below)
I will be piecing these clues together and more as we progress through the series.
I am only just getting warmed up.
If you don't know the long term pattern shouldn't you be doing your research[b/] instead of just following the crowd??
Just remember: I am not a financial advisor, I suggest using this only as a guide. Always do your own research.
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