There is never any shortage of wild optimism in stories about the perceived Bicoin bull market. The perception that Bitcoin is going to soar is misplaced, as the charts tell us the opposite could be happening. South Koren clampdown on Crypto trading has certainly helped to keep a lid on Bitcoin prices.
With the recent discovery of chip vulnerabilities, across all platforms, including Apple products. I consider this a huge issue as Meltdown and Spectre seems to allow direct access, to the ram memory of many devices. I understand it’s a chip problem and many are scrambling to find a fix.
All I can say is, “stay on top of your updates, and update as soon as they are issued”.
My two parallel lines box in a diagonal move, complete with an expanded wave 4 counter rally. I switched this sideways pattern to a potential 4th wave counter rally with the 5th wave presently in progress. This present counter rally could drop like a rock as another zigzag needs to complete the 5th wave. On the count above, I skipped one wave and only labeled the second wave structure in a sequence. When this breaks to the downside we should be getting close to a new wave 1 but in Minuette degree.
Once that is actually confirmed, then we should expect another counter rally that can come back hard, as the bears get into another bear trap. From nearly $20,000 per Bitcoin to our present $14,000 price level, billions of Bitcoin value disappeared in an electronic puff of smoke.
I was dead wrong about new ICOs slowing down, as they took a rest during the holiday season. In the last week ICOs came back with a vengeance. Hackers and crooks are attacking many Crypto exchanges and billions of Bitcoins disappear. The example of Cryptos taking a $100 billion hit is an example how Bitcoin value can disappear
There are presently 1408 cryptos out, with more still coming. The total capital of all Cryptos just surged past the $700 billion milestone and it sure still seems to have momentum behind it. At this rate the total capital will soon hit a trillion US dollars. Even $700 billion is impressive, which is pretty good for something created out of thin air.
The last thing I will do is create any intraday trade setups as this is what the majority are already doing. Anybody can create mindless numbers and letters in a computer, but knowing what they mean is a different ball game. From my perspective when the EWP is just used for short term trade setups, means they have no clue where the bigger trend is heading. I believe this is a very inefficient use of the EWP.