Updated predictive Elliott Wave charts here: https://bitcointalk.org/index.php?topic=2711461.msg28222378#msg28222378
As the day transitions from Tuesday to Wednesday across timezones, the Crypto market has paused taking stock of the first leg of the crash. Since its all-time high set on 17 Dec 2017, Bitcoin has now declined 50% in value and is currently finding support at the $10000 level near the 22 Dec 2017 lows. This is an illusory psychological place where both the bulls and bears mull over their next move hoping for support or resistance respectively. After pausing, deliberating and moving sideways for 11 hours thus far, eventually the bears are scheduled to take control. It appears the second leg, and more intense part of the crash is going to unfold during the London session were the opening bell has rung over an hour ago. Alternatively, a sideways and whipsaw behaviour to trap more buyers and sellers may extend into the US session and early Asia session. Either way, the next crash leg is looming. The overall grand target is an approx 78% decline with a target capitulation range of $2000-$4000. Hence, the crash is just half-way through. Another 50% decline in other cryptocurrencies suggests that many shall become extinct. Estimate for the next level of support remains unchanged from overnight, in fact the previous trade speculative short position, is still in play. The second phase of the crash leg psychologically represents the apex of the "fear" stage. The point of recognition and self-realisation. This is where price action is submerged within several degrees of deep fractal price formations; i.e. the depths of the abyss with a seemingly bottomless chasm. (See attached chart for following illustration)… At $8061, wave-C equals wave-A in length (the larger A-B-C structure). At $7116, wave-c equals wave-a times a Fibonacci 1.618 extension (of the larger C wave). At $7600, represents a 61.8% decline of the entire Bitcoin market. The average of these three price points is $7592. Hence, this represents an approx possible area of support and pause for the forthcoming second leg of the crash —naturally a place to close partial profits from a short position. https://redd.it/7ptsg3 https://i.imgur.com/eXBFcrN.png https://bitcointalk.org/index.php?topic=2711461.msg28314059#msg28314059
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