thanks for the thread, interesting to see how this is playing out... do you have a short term target (as in, this week) that precedes your stated targets? originally I was thinking some short covering around 265 and 256 would be a good plan for myself, perhaps taking further shorts out on the bounces. But the more I come to understand and ponder on the psychological state of this market, the more concerned I am about violent drops occurring.
I've been reading the wave principle recently and I'm wondering if there have been many discussions or much analysis on the pros and cons of applying elliott wave analysis to bitcoin. Also, I'm wondering if there have been any patterns of deviation from, or similarities to the differences (yes this sentence should work!) between traditional stocks and commodities in terms of "rules" and "guidelines" for wave formation.
thanks again
260 should produce a bounce at a guess, but imo why bother, hold out until 220 at least it's the easy money.
EW is not the study of markets as such, it is the study of the crowd, although every force at acts on the market contributes to a wave system. There is no doubt that EW applies to bitcoin as much as any other market. Any tradeable asset is subject to hope, greed, despair, etc... this is what gives shape to the stages of a market wave. The idea is that people will never change in nature, and never have. There have been no discussion as such for bitcoin afaik but why would there be?
Stocks, commodities, forex etc.. each behave differently at any given point in time but the underlying behaviour, perhaps caused by algorithms, conditions of liquidity, regulations, adaptive traders etc.... is subject to change quite a lot so really we treat them the same apart from markets with very high leverage.
Are you saying you think we'll see yearly lows?
Also, what's your thoughts of going down to about $240-$250 before continueing up? Kinda like we did in august of 2013
img]http://i.imgur.com/ITMKmOz.png?1[/img]
Yes, thats what Im saying.
my thoughts on the chart, anything is possible but that is in a completely different context and I don't see it happening in terms of EW.