{"id":409492,"date":"2020-01-02T16:00:52","date_gmt":"2020-01-02T16:00:52","guid":{"rendered":"https:\/\/ktsl888.com\/?p=409492"},"modified":"2020-01-02T14:41:01","modified_gmt":"2020-01-02T14:41:01","slug":"elliott-wave-theory-suggests-bitcoin-may-be-due-for-biggest-correction-yet","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/elliott-wave-theory-suggests-bitcoin-may-be-due-for-biggest-correction-yet\/","title":{"rendered":"Elliott Wave Theory Suggests Bitcoin May Be Due For Biggest Correction Yet"},"content":{"rendered":"<p>Elliott Wave Theory is just one of many tools cryptocurrency analysts and <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> traders use to help them predict future market movements and gain a competitive edge.<\/p>\n<p>According to the commonly used technical analysis principle, Bitcoin could be due for its biggest correction yet \u2013 one that will take the crypto industry by surprise and cause mass capitulation.<\/p>\n<h2>Elliott Wave Theory Explained<\/h2>\n<p>In the early 1900s, professional accountant <a href=\"https:\/\/www.investopedia.com\/terms\/e\/elliottwavetheory.asp\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Ralph Nelson Elliott<\/a> discovered that market prices move within certain patterns based on investor psychology, called \u201cwaves.\u201d<\/p>\n<p>According to Elliott, humans are \u201csubject to rhythmical procedure,\u201d and because of this, &#8220;calculations having to do with his activities can be projected far into the future with a justification and certainty heretofore unattainable.\u201d In more simple terms, because human behaviors are cyclical, the impact these behaviors have on the market and market price of assets like <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> are also cyclical, and thus, predictable.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/ktsl888.com\/2020\/01\/01\/max-pain-bitcoin-boredom-incoming-before-bull-market-begins\/\">Max Pain: Bitcoin Boredom Incoming Before Bull Market Begins\u00a0<\/a><\/strong><\/em><\/p>\n<p>While the principle is commonly used throughout various financial markets including cryptocurrency with much success, the practice of Elliott Wave Theory has its share of naysayers.<\/p>\n<p>The theory suggests that markets move in either impulse or corrective waves, based on human emotions. Impulse moves are said to be five waves, and depending on the trend direction, they can be up or down, followed by a three-wave corrective wave in the opposite direction.<\/p>\n<p>The way Elliott Wave Principle works is that during an impulse move, waves 1, 3, and 5 are all in the trend direction, while waves 2 and 4 are minor retracement waves. During corrective waves, only waves 1 and 3 are against the trend direction.<\/p>\n<h2>ABC Correction Puts Bitcoin Price Target Below Current Bear Market Bottom<\/h2>\n<p>How does all of this apply to <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a>? Well, according to one analyst\u2019s take on Bitcoin price charts and how it applies to Elliott Wave Theory, Bitcoin price completed the final wave 5 at the crypto bubble peak back in 2017 and has just completed wave B in an ABC corrective wave as Bitcoin reached a top during the 2019 rally in late June.<\/p>\n<p>What comes next, according to the theory, would be the C corrective target, significantly lower than the A wave, which bounced at $3,100. The accompanying price chart also shows a target of around $1,000 \u2013 which is the peak of wave 3 on the impulse move up.<\/p>\n<p>https:\/\/twitter.com\/moe_mentum_\/status\/22500864?s=21<\/p>\n<p>If <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> does break below the current bear market bottom and head towards $1,000 as Elliott wave Theory appears to suggest, the crypto industry would be in shambles, with many <a href=\"https:\/\/ktsl888.com\/2019\/12\/16\/analyst-crypto-companies-must-bankrupt-before-bear-market-concludes\/\">companies and projects going bankrupt as a result<\/a>. Crypto investors would capitulation en masse, and the asset class could be considered dead for good.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/ktsl888.com\/2020\/01\/01\/are-crypto-traders-becoming-less-confident-the-bottom-is-in\/\">Are Crypto Traders Becoming Less Confident The Bottom Is In?\u00a0<\/a><\/strong><\/em><\/p>\n<p>However, some analysts say that this is necessary for the crypto market to once again blossom into a full-blown bull run.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Elliott Wave Theory is just one of many tools cryptocurrency analysts and Bitcoin traders use to help them predict future market movements and gain a competitive edge. According to the commonly used technical analysis principle, Bitcoin could be due for its biggest correction yet \u2013 one that will take the crypto industry by surprise and cause mass capitulation. Elliott Wave Theory Explained In the early 1900s, professional accountant Ralph Nelson Elliott discovered that market prices move within certain patterns based on investor psychology, called \u201cwaves.\u201d According to Elliott, humans are \u201csubject to rhythmical procedure,\u201d and because of this, &#8220;calculations having to do with his activities can be projected far into the future with a justification and certainty heretofore unattainable.\u201d In more simple terms, because human behaviors are cyclical, the impact these behaviors have on the market and market price of assets like Bitcoin are also cyclical, and thus, predictable. Related Reading | Max Pain: Bitcoin Boredom Incoming Before Bull Market Begins\u00a0 While the principle is commonly used throughout various financial markets including cryptocurrency with much success, the practice of Elliott Wave Theory has its share of naysayers. The theory suggests that markets move in either impulse or corrective waves, based on human emotions. Impulse moves are said to be five waves, and depending on the trend direction, they can be up or down, followed by a three-wave corrective wave in the opposite direction. The way Elliott Wave Principle works is that during an impulse move, waves 1, 3, and 5 are all in the trend direction, while waves 2 and 4 are minor retracement waves. During corrective waves, only waves 1 and 3 are against the trend direction. ABC Correction Puts Bitcoin Price Target Below Current Bear Market Bottom How does all of this apply to Bitcoin? Well, according to one analyst\u2019s take on Bitcoin price charts and how it applies to Elliott Wave Theory, Bitcoin price completed the final wave 5 at the crypto bubble peak back in 2017 and has just completed wave B in an ABC corrective wave as Bitcoin reached a top during the 2019 rally in late June. What comes next, according to the theory, would be the C corrective target, significantly lower than the A wave, which bounced at $3,100. The accompanying price chart also shows a target of around $1,000 \u2013 which is the peak of wave 3 on the impulse move up. https:\/\/twitter.com\/moe_mentum_\/status\/22500864?s=21 If Bitcoin does break below the current bear market bottom and head towards $1,000 as Elliott wave Theory appears to suggest, the crypto industry would be in shambles, with many companies and projects going bankrupt as a result. Crypto investors would capitulation en masse, and the asset class could be considered dead for good. Related Reading | Are Crypto Traders Becoming Less Confident The Bottom Is In?\u00a0 However, some analysts say that this is necessary for the crypto market to once again blossom into a full-blown bull run.<\/p>\n","protected":false},"author":517,"featured_media":409495,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,6664,58757,66434,4078],"class_list":["post-409492","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-crypto","tag-elliott-wave-theory","tag-moe_mentum","tag-technical-analysis"],"acf":[],"yoast_head":"\n<title>Elliott Wave Theory Suggests Bitcoin May Be Due For Biggest Correction Yet<\/title>\n<meta name=\"description\" content=\"Elliott Wave Theory is just one of many tools cryptocurrency analysts and Bitcoin traders use to help them predict future market movements and gain a\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ktsl888.com\/news\/elliott-wave-theory-suggests-bitcoin-may-be-due-for-biggest-correction-yet\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Elliott Wave Theory Suggests Bitcoin May Be Due For Biggest Correction Yet\" \/>\n<meta property=\"og:description\" content=\"Elliott Wave Theory is just one of many tools cryptocurrency analysts and Bitcoin traders use to help them predict future market movements and gain a\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ktsl888.com\/news\/elliott-wave-theory-suggests-bitcoin-may-be-due-for-biggest-correction-yet\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2020-01-02T16:00:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-01-02T14:41:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/01\/bitcoin-crypto-elliott-wave-theoryshutterstock_693783628.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"621\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \\\"The Bull,\\\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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