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A likely scenario if this is the first wave.
Seems quite bearish right? Bitcoin is consolidating in the short term and this can be the worst case scenario in the short term. If this is the first wave, then it is also a good time to buy in if we are going to expect a grand third wave.
Again, I encourage anyone to read Elliot Wave Principle! There are some traders on Twitter (which I deleted) who have posted shortcuts on how Fibonacci patterns work. Basic information on Fib's may provide a part of the picture to the whole concept. In fact, I watched a Youtube documentary about Fibonnaci's before reading the book to get a visual idea of natural movements.
If the bear depicted above is wave 1 as I predict, wave 2 could be a bear correction to ~5000 or ~6000. A wave 2 correction should be proceeded by a large third wave upward. There could be good opportunity to get in around early March. Wave 2 correction may be completed by the end of this month. March should be an interesting time for risk taking.
There are many scenarios using Fibonnaci's, and it is definitely a tool for personal management.
No market approach guarantees market omniscience, and that includes the Wave Principle. However, viewed in the proper light, it delivers everything it promises.
@kevbotThis channel is meant to be my journal of thoughts on crypto, working, traveling, and food. Sourced with photos, videos, and blogs.
