The Bitcoin decline doesn’t seem to be letting up as we’re approaching big support at the $6000 price level. $6000 would clear the bottom of the spike, but the $6200 price level is the record low with a line type chart, so there is a 200 point variable. I’m posting a bit more frequently when the wave count is friendly and confirming the bearish mood. I’m showing a 1-2, 1-2 and another 1-2 count, with each 1-2 wave count being one degree smaller each time. From the Minute degree wave two, another three sets of 1-2 wave counts will give us a pretty good idea that we are extending the third wave sufficiently enough. Two sets of 1-2 counts is the minimum I like to see to confirm any 5 wave impulse.
This would not automatically stop the 5th wave from extending as well, as two waves out of three (1-3-5) can both extend. As soon as the count goes sideways or off course, then the impulse decline must be thrown out, or adjusted a bit counting from a different peak.
There are no signs that this decline is going to magically reverse and soar back into the bullish mood as we would need far sharper declines than what we have. Bitcoin players can’t short Cryptos like futures traders can, because if you could, you would see all these waves swing in a much wilder fashion and with far greater volatility.
Bitcoin players are acting just like any majority of players will, as they refuse to be strong buyers in a bear market. Since Wednesday the total amount of ICOs published hit a record 1600, but in the last day or so, about 40 of them vanished! This surprised me a bit as I didn’t think that, that many would disappear that quickly.
The tale of the disappearing ICOs could be just a glitch, and it may take a week to see if the trend continues. This all points to a decline in interest so some cryptos will be pulled and disappear. All Cryptocurrencies were created from thin air (wave zero) and back to zero they can all go.
Until I see the entire set of 5 waves down materials I will remain very bearish to anything Crypto related. I’m not against any speculating, but speculating on something that is not in a bull market will only cause players to lose money.