Just trying to fit a repeating movement pattern to BTCUSD price action on this time frame, anchoring pivot points only to price inflection and MACD landmarks, and these aren't calculated by Fib so they aren't technically Elliot waves or anything (AFAIK) but I used those label markers. I color coded it for easier tracking across time (click and drag the chart sideways for other timeframes on this scale).
It seems like the divergent view of bearish or bullish from this particular point in time has to do less with whether BTCUSD will survive and increase in price eventually, but whether the market cycles is beginning or ending.
Bulls would paint a picture of relative stability (8.5-11k range ) after the bounce from 5.5-6k.
Bears might say that the subsequent movements have nearly completed another market cycle, and next correction is destined for a downside towards that 6k mark again.
The Schiff fork at the bottom is hinged on the ends of the first 3 cycles in 2017 (January-July)
These are just for education and speculation; to try and get a handle on how people can see things so differently.
If what is outlined here has already been described, please share what it is specifically so I can study it further than just comparing schools of wave-drawers, thanks.
* NOT A PRO * DYOR * TAKE YOUR OWN ADVICE *
Work the muck, and I'll see y'all come harvest time.
It seems like the divergent view of bearish or bullish from this particular point in time has to do less with whether BTCUSD will survive and increase in price eventually, but whether the market cycles is beginning or ending.
Bulls would paint a picture of relative stability (8.5-11k range ) after the bounce from 5.5-6k.
Bears might say that the subsequent movements have nearly completed another market cycle, and next correction is destined for a downside towards that 6k mark again.
The Schiff fork at the bottom is hinged on the ends of the first 3 cycles in 2017 (January-July)
These are just for education and speculation; to try and get a handle on how people can see things so differently.
If what is outlined here has already been described, please share what it is specifically so I can study it further than just comparing schools of wave-drawers, thanks.
* NOT A PRO * DYOR * TAKE YOUR OWN ADVICE *
Work the muck, and I'll see y'all come harvest time.