If we see a 1 year chart of BTC/USD, we can see that the pattern that has just taken place has been repeated twice in the last months. First, a big dip occurs (panic), followed by a steady period of consolidation, prior to fall back to even lower lows (absolute panic). Then price recovers and rises again. And moreover, this pattern is repeated every 2 months approx. To be specific, the dips (the "armageddon days", like today), were Dips: 16th july 15th sept 12th nov 16th jan From this point we could expect general rises in BTC, and if the timeframe assumption is valid, we will face new ATH prior to see a general retracement the second week of march.
@BryanLee, your view may be right, but in this case or the dip is right in the coming days (perhaps today or tomorrow) or we will have a consolidation to get to 8000-9000 level in next dip in March. I have gone beyond and have spotted this pattern has repeated longer than I expected. I'm not an Elliot expert, I just follow repeating patterns (in this analysis). Your comment is appreciated!.
Check this one out:
fraclehe
⋅
audicar
⋅
NOTHING, I repeat, NOTHING including BitCoin deserves or has the right or can be expected to go UP always. Past history on a chart is NO predictor of a future move. It is data for analysis. TA is not the only tool that can help predict future movements.