So what happens when #BTC breaks below 19-20k and does a monthly close below it?
First, a reminder that this analysis is based on EW only and doesn't include Onchain/Moving averages/FA/equities/DXY .
Let's start with the Primary case where we don't close "monthly below 19k".
Market moves in 5 waves cycle.
On a linear scale:
Wave 1 was 2017 top(20k$),
wave 2 was 2018 bear market(3.2k$).
wave 3 was 2021-2022 top(69k$)
There is missing wave 4 and wave 5 here.
The current bear market seems to be a wave 4 correction.
Oct 27, 2021 • 7 tweets • 2 min read
A small thread on Elliot wave cycle of Meme/altcoins which is repeated multiple times and how crowd behavior unfolds.1/n
$SHIB
Elliot wave cycle consist of 5 waves of impulse followed by abc correction. Each 5 waves make wave 1 of bigger cycle. Simplistic view. 2/n
