BITCOIN update, a first

BTC: Based on a member request I analyzed Bitcoin. First, not all chart services have BTC go back to 2010, but Google Finance has. Using that data I was able to establish that the $1128 closing high made in late-2013 was (blue) primary-I as the advance leading up to it (see insert) was 5 waves.  This is important as it guides all the rest of the analyses. Cont’d below.BTC 1

The 2nd chart is the standard one, you find on most charting services, going back to late-2013. Here I’ve used the chart from investing.com. Using the established primary-I high, counting forward gives us that Primary III should soon be completed. Given that there were so many small waves leading up to the huge take off, it’s easy to miss one, which affects the whole count. Using the monthly time frame these scribbles are reduced as much as possible. Given where sentiment is current regarding crypto-currencies (everybody is talking about it and trading it -i.e. long-) the count fits well with a large peak soon.

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