Here comes the sanity... at $400 already.

Like an LSD trip wearing off.

Right now we're actually still up compared to yesterday. I wonder if we're going to stabilise around $400 or if we'll drop into the $300 range. I don't think we'll necessarily drop into the $200 range again though, at least I hope so

So far just a 50% correction from 10/31 $303 to 11/4 $502:



Price already rebound to $436 while posting this.

chessnut's EW analysis too

I think we shouldn't go below $350 which was the top target of this rally for me. Right now that should be a solid support, if we are pushed below $400. Good to see a correction, because the pace of recent events was unsustainable and hard to explain by any fundamental news or TA.

@luc: sad to see you go, although I am not big fan of EW, nevertheless the quality of the posts in this thread deserves to keep it alive!

The thread with the 1'527'282 views.

Can someone translate this for me? Thx.

I'm sorry to hear that masterluc enters a silence phase, I hope my "polluting" of his thread, especially during these last days, wasn't among the causes.

About the market, I think we need to form a bullish double bottom before going up, so need to test support again (happening as I write this... ).
At a larger time frame, this exciting evolution may fit into the "THE wave B" scenario, of an accelerated wave C that we just entered.
But it depends how much fresh fiat is going to hit the exchanges during the next weeks, if China dries up, then it's a good case for wave C.
If price recovers and stays close to 500$, then this may have been the wave 1 (and beginning of 2) of a new bubble.

Is there an objective way to count the waves? Or is it up to anyone's interpretation?

I had sold every last coin I owned at 500. After masterluc announced that analysis ended I was finally convinced that this is the next bubble and bought back in at 470.
Panic sold at 415. Bought back in at 420. Then panic sold 392.  All in all a horrible way to end the day lol