A Look At Bitcoin
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Ok, ATEC has to mention that we are noobs to Crypto, and nor do we follow much on the developments of the entire Crypto space.
Having said that, we do find that we are able to make sense of the recent gyrations using our Elliot technicals framework. Hence, for the benefit (we hope) of our friends who are involved, this is our take.
ATEC notes that the entire rise from July to November was essentially a three-wave move, meaning that it is corrective in nature. In layman terms, this means that this wave will most likely be entirely (or more than) retraced in the immediate timeframe.
Hence, we can work with a target of 30,000 for Bitcoin for now. We are also able to ascertain that should Bitcoin trade above $54,000, then our current bearish scenario is wrong.
This will be a live learning example as well for us, so let's see.
Good luck out there.
