Will BTC Fall from Trendlines for the N-th Time?
During this "Black Monday," Bitcoin experienced a dramatic drop. Let's examine one of the familiar "Flat as the Fourth Wave" scenarios often discussed among Elliotticians during downturns in recent years. Please consider this a theoretical exercise.
Not so many people seem to draw trendlines on monthly charts, but when you do, you'll notice that Bitcoin has fallen from three trendlines (two of which may be C-Forks). If it closes below this level, it will be at least the second time it's lost the third line.
Typically, the durations of the second and fourth waves are said to be similar. If we assume the second wave starts to the right of the leftmost trough, it appears to balance well. However, having both the second and fourth waves as expanded flats does not align with the law of alternation. Could this issue be resolved if a WXY pattern legitimately turns out to be an expansion? In any case, this is just an exercise in applying theory, hopefully.
Not so many people seem to draw trendlines on monthly charts, but when you do, you'll notice that Bitcoin has fallen from three trendlines (two of which may be C-Forks). If it closes below this level, it will be at least the second time it's lost the third line.
Typically, the durations of the second and fourth waves are said to be similar. If we assume the second wave starts to the right of the leftmost trough, it appears to balance well. However, having both the second and fourth waves as expanded flats does not align with the law of alternation. Could this issue be resolved if a WXY pattern legitimately turns out to be an expansion? In any case, this is just an exercise in applying theory, hopefully.
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