SUMMARY
BITCOIN (BTC) is correcting and it has the following possibilities. Elliott Wave corrections has 36 possible combinations and so nailing the correction pathway is very challenging. The below chart is of an a,b,c,d,e type of triangle. As Bitcoin loves to generate triangle as well as flag patterns, this isn't surprising.
If the bottom white line of the triangle is breached, then a more a,b,c (red) correction is likely. The chart below shows that wave c (red) currently in progress and a five wave down can be expected as the sub waves.
I also discuss the Bitshares (BTS) chart and technical analysis prompted by the zerohedge.com blog on a new bill now being routed through Congress (the CON in the word Congress is NOT a symantic accident!). This bill is designed to root out the cryptocurrencies that play a role in subterfuge money laundering. I must say, the governments don't seem to understand that most criminals use the USD!
Still, I have a nagging gut feeling that they (Central Banks) won't stay still or silent too much longer. To me it is not an IF but rather WHEN governments will make a concerted attempt to "regulate" cryptocurrencies. This then will perhaps overnight make BitShares the darling of every digital wallet holder stuck in a centralized exchange. Clearly, the lowest hanging fruits for the governments to regulate are the centralized exchanges who can then be forced to freeze wallets, delist certain "unfriendly" or overly "anonymous" altcoins, divulge all account holder information in the name of the IRS as well as "share" patterns of trade, cluster locations of external wallets and map out algorithm derived probable owenerships. People! Isn't it obvious that the government and central banks are itching to control cryptos? They will soon make their attempts visible! NOW is the time to take precautionary setups.
This means that the decentralized exchanges would be the true haven....no? Can you imagine what the price of Bitshares will be in this scenario? What? The government will take down BitShare's delegated proof of stake (DPOS) witnesses? No wories, there are like a hundred alternate witnesses lined up and many more could be voted up in a snap. So.....would it make sense to put a few FIAT into BTS? Or better yet, distribute some of the cryptos into the BTS decentralized exchange local wallets? No? Why not?
The current price of Bitshares (BTS) is $0.055 and it WAS, it IS and it SHALL remain decentralized and thus NOT a target of government molestation!
--
If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTC Wallet - 19gHMJc9wi9KkP47wokz8y4cFNgz1kAAUE
ETH Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
LTC Wallet - LU1mEw1LHvffoWf9VDEVdP7Day4jv6VLqu
EOS Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.**