BTC is currently following a VERY similar pattern to the Mt. Gox crash. I made the majority of this graph back a couple months ago and I believe it still holds true. The elliot wave patterns shown are ONLY for the purpose of recognizing similar tops and bottoms. You can see that the rising numerical pattern's 2 is entering the log trend in both the 2013 and modern pattern, and now I believe that we are headed for 3. After we hit 3, as shown by the 2013 graph, we will fall back down to the far support of the log support line at 6160, then rise back into the exponential bull trend at 5.
Blue circles are starts that are at previous highs.
Green circles are fakeout bear highs that became price support.
Red circles are the highs that match with the start of the next bull run (blue circles).
White circles are reversal points (from bear to bull).
We also have large amounts of price tightening more lately, as published in my second analysis (closeup on the daily of the current wedge).
We can see that the UCS squeeze is in red and tight, meaning the price is ready for extremely volatile movement. The sqz_mom is ready for a bullish turnaround and its tale is approximately the same length as the green tail leading up to the turnaround. The stochastic and stochastic RSI are both low enough to start another bull trend.
Blue circles are starts that are at previous highs.
Green circles are fakeout bear highs that became price support.
Red circles are the highs that match with the start of the next bull run (blue circles).
White circles are reversal points (from bear to bull).
We also have large amounts of price tightening more lately, as published in my second analysis (closeup on the daily of the current wedge).
We can see that the UCS squeeze is in red and tight, meaning the price is ready for extremely volatile movement. The sqz_mom is ready for a bullish turnaround and its tale is approximately the same length as the green tail leading up to the turnaround. The stochastic and stochastic RSI are both low enough to start another bull trend.