Best of the Week
Most Popular
1. Investing in a Bubble Mania Stock Market Trending Towards Financial Crisis 2.0 CRASH! - 9th Sep 21
2.Tech Stocks Bubble Valuations 2000 vs 2021 - 25th Sep 21
3.Stock Market FOMO Going into Crash Season - 8th Oct 21
4.Stock Market FOMO Hits September Brick Wall - Evergrande China's Lehman's Moment - 22nd Sep 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.How to Protect Your Self From a Stock Market CRASH / Bear Market? - 14th Oct 21
7.AI Stocks Portfolio Buying and Selling Levels Going Into Market Correction - 11th Oct 21
8.Why Silver Price Could Crash by 20%! - 5th Oct 21
9.Powell: Inflation Might Not Be Transitory, After All - 3rd Oct 21
10.Global Stock Markets Topped 60 Days Before the US Stocks Peaked - 23rd Sep 21
Last 7 days
INVESTING LESSON - Give your Portfolio Some Breathing Space - 4th Dec 21
Don’t Get Yourself Into a Bull Trap With Gold - 4th Dec 21
GOLD HAS LOTS OF POTENTIAL DOWNSIDE - 4th Dec 21
4 Tips To Help You Take Better Care Of Your Personal Finances- 4th Dec 21
What Is A Golden Cross Pattern In Trading? - 4th Dec 21
Bitcoin Price TRIGGER for Accumulating Into Alt Coins for 2022 Price Explosion - Part 2 - 3rd Dec 21
Stock Market Major Turning Point Taking Place - 3rd Dec 21
The Masters of the Universe and Gold - 3rd Dec 21
This simple Stock Market mindset shift could help you make millions - 3rd Dec 21
Will the Glasgow Summit (COP26) Affect Energy Prices? - 3rd Dec 21
Peloton 35% CRASH a Lesson of What Happens When One Over Pays for a Loss Making Growth Stock - 1st Dec 21
Stock Market Sentiment Speaks: I Fear For Retirees For The Next 20 Years - 1st Dec 21 t
Will the Anointed Finanical Experts Get It Wrong Again? - 1st Dec 21
Main Differences Between the UK and Canadian Gaming Markets - 1st Dec 21
Bitcoin Price TRIGGER for Accumulating Into Alt Coins for 2022 Price Explosion - 30th Nov 21
Omicron Covid Wave 4 Impact on Financial Markets - 30th Nov 21
Can You Hear It? That’s the Crowd Booing Gold’s Downturn - 30th Nov 21
Economic and Market Impacts of Omicron Strain Covid 4th Wave - 30th Nov 21
Stock Market Historical Trends Suggest A Strengthening Bullish Trend In December - 30th Nov 21
Crypto Market Analysis: What Trading Will Look Like in 2022 for Novice and Veteran Traders? - 30th Nov 21
Best Stocks for Investing to Profit form the Metaverse and Get Rich - 29th Nov 21
Should You Invest In Real Estate In 2021? - 29th Nov 21
Silver Long-term Trend Analysis - 28th Nov 21
Silver Mining Stocks Fundamentals - 28th Nov 21
Crude Oil Didn’t Like Thanksgiving Turkey This Year - 28th Nov 21
Sheffield First Snow Winter 2021 - Snowballs and Snowmen Fun - 28th Nov 21
Stock Market Investing LESSON - Buying Value - 27th Nov 21
Corsair MP600 NVME M.2 SSD 66% Performance Loss After 6 Months of Use - Benchmark Tests - 27th Nov 21

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Bitcoin: Let's Put 2 Heart-Pounding Price Drops into Perspective

Currencies / Bitcoin Mar 02, 2021 - 11:51 AM GMT

By: EWI

Currencies

Here's what our "preferred" Elliott wave count said on Feb. 5, 2021

When financial historians discuss past manias, many of them point to the South Sea Company of the early 1700s as a classic example.

The enthusiasm to buy a piece of the action was so great that even Sir Isaac Newton became in investor.

He, along with many others, eventually lost big time when the South Sea Company Bubble burst.


And, in late January, it looked like the modern-day mania surrounding the cryptocurrency Bitcoin had burst too, at least according to one major financial magazine (Forbes, Jan. 27). Here's the headline:

Bitcoin Has Crashed. Is This The End?

That was in response to Bitcoin's swift slide from near $42,000 to below $30,000. Well, it turned out that this heart-pounding downturn in price was only temporary.

This was no surprise to Elliott Wave International's cryptocurrency analyst Tony Carrion. Indeed, in his video in our monthly Global Market Perspective (a monthly publication which covers 50-plus markets worldwide), he showed this chart and said:

Our preferred [Elliott wave] count is that [Bitcoin] is advancing within the subwaves of a [larger up wave]. … The wave IV (circle green) correction played out for most of January. Wave evidence suggests that the correction ended on Jan. 22.

As you probably know, the cryptocurrency has since climbed as high as $58,000. That high price was hit in the morning of Feb. 22 and was followed by another heart-pounding price drop. As of this writing, the Bitcoin's price has plummeted nearly 13%.

Is this another temporary correction -- or, finally, the start of an all-out collapse?

Now is the time to learn what Elliott wave analysis suggests is next after this most recent price drop.

If you’d like to gain insights into Elliott wave analysis, you can do so by reading the Wall Street classic book, Elliott Wave Principle: Key to Market Behavior, by Frost & Prechter. Here’s a quote:

Despite the fact that many analysts do not treat it as such, the Wave Principle is by all means an objective study, or as Collins put it, “a disciplined form of technical analysis.” Bolton used to say that one of the hardest things he had to learn was to believe what he saw. If you do not believe what you see, you are likely to read into your analysis what you think should be there for some other reasons. At this point, your count becomes subjective and worthless.

Get more insights into the Wave Principle. You see, the online version of this Wall Street classic is available to you free after you join Club EWI, which is the world’s largest Elliott wave educational community. Club EWI membership is also free.

Get the ball rolling by following this link: Elliott Wave Principle: Key to Market Behavior – free and unlimited access.

This article was syndicated by Elliott Wave International and was originally published under the headline Bitcoin: Let's Put 2 Heart-Pounding Price Drops into Perspective. EWI is the world's largest market forecasting firm. Its staff of full-time analysts led by Chartered Market Technician Robert Prechter provides 24-hour-a-day market analysis to institutional and private investors around the world.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in