So I've done a basic graph, no Eilliot waves..but mainly based on pattern spotting.
So a lot of TAs have spotted that Head and Shoulders pattern ages ago. But what kind of confused me was why is the right shoulder counted as the red part and not the green part? So I have been thinking whether that BTC would create a red right shoulder (which it has) and then another shoulder next to it...i.e. the green part. For me its only about symmetry and nothing very technical about it. Now if it does do a another shoulder...then hopefully BTC/USD will only fall to as low as the $10k area and then start rising to beyond $12k. The reason why I think the level will be around $10k is because if you look at the left green shoulder...it didn't go as low as the left red shoulder...soI'd expect the same for this right green shoulder.
It's probably likely that it'll drop below the psychological barier of $10k and then bounce back up.
What we should hopefully see is that not only will it bounce back up with a spike...but continue to go up to beyond $12k...the market needs a proper impulsive spike (10-15%) to create FOMO...and not these slow incremental increases with mini corrections. It doesn't cement certainty that the market is now in bull market and new investors aren't attracted by these small increases...after all its highly likely that the majority of investors joined cryptos because of its infamous big increases.
As per usual, this isn't trading advice...its just based on my observations of the market and how I think it might play out. Lets see!
Looks like you got your shoulder today :)
Hopefully this time it will break through $12k and ideally with a spike up. Say if we got to $11k in the next few days (to create a proper shoulder)...then a good 10-15% up will take us above $12k. That would be an ideal situation :)
I'm getting bored and frustrated...and I think the market (based on the forums anyway) seems so too...so hopefully the bears or "whales" have got what they want...and will start spiking up the prices when people least expect it.
I'm pretty sure most people being into crypto less than a year find this frustrating, and especially those coming late 2017, as many of them will be in the red now. Knowing how much all went up last year and looking at your portfolio shrinking is devastating for the mind. The one thing saving my confidence is the 0.1 btc I sold at a million% profit in december. Better use the time learning while waiting.
This is the symmetric I want now, but looking at it this way we could also easily dip to <$9k
"Luckily" I entered the market just before the crazy spike...around early Nov. So I'm still making good profits. It's just that when i saw how much I was making when ETH peaked at $1.4k...it just makes me feel like I'm kind of making a lose...or that I could have sold and bought again at lower prices. But hey ho..its part of the process of learning how I should play it in the future. Like I'm trying to picture myself having sold at say $1.3k...then where would I have bought back?...I think it might have been around the $1k mark...which would mean I'd be "making a loss" right now (but an extra 30% profit when it goes back to $1.3k).
I think right now...its "ok"...price is a bit more stable...and it'd be good to just slowly rise back up to $11k over the course of the next few days...then that spike up. That spike up would also look like that big and quick drop, but rising of course (i.e. my green left shoulder).
"Bitcoin" search finally made back on the Google Trends upswing, maybe a forecast that supports your findings! https://steemit.com/cryptos/@coolkidapproved/today-s-top-trending-cryptocurrency-march-7-2018