By Jim Fredrickson
Some readers will recall that in a recent blog entry (the first in a very long time), we forecasted that the bear market would likely end by March 22, or if not, by the end of March. March 31 is the end of a significant time cycle, which is the basis of that forecast.
As if on cue, bitcoin, bitcoin cash and other coins rapidly descended yesterday in what appears to be a final spike low into the end of the cycle. In doing so Elliot Wave counters can no doubt see the culmination (perhaps) of an ABC correction that began last December at the ATH.
“There is a significant time cycle coming to fruition tomorrow, 3/31/2018. It is quite possible that we are at the end of the bear market.”
It is conceivable that BTC could test the A wave 5900 low in the next day or so to complete the C wave, but it is not necessary for the C wave to reach the level of an A wave.
In any case, our forecast of the end of the bear market by the end of March is still the forecast. We will see…
Bitcoin Cash is also at a significant juncture as Bitcoin. A significant time cycle is turning at this time. In BCH’s case, the coin’s chart is at both a top of square support, and at the end of setup.
BCH has been in an even more brutal bear market that bitcoin, having dropped from 4200 to ~ 700 as of this writing. In the (likely) event that a new ATH is coming in the bull cycle soon to begin, that suggests that buying the low of this coin might be the buy of a lifetime. We will see…
Litecoin is also now at the end of a setup. After having dropped 7/8 of the run from 71 to 373. This makes LTC another compelling buy, imho.
Overall, it feels like we are at the cusp of a trading opportunity of magnificent proportions.
Remember that the author is a trader who can and does make mistakes from time to time. Each trader must assume full responsibility for their own trades, based on his/her due diligence.