Elliot Wave analysis of Bitcoins: Wave 3 Edition

Disclaimer: I'm an amateur at Elliot Wave.

I last covered Bitcoins wave structure in Elliot Wave analysis of Bitcoin and Updated Elliot Wave analysis of Bitcoin, back in June of 2011 when Bitcoin made its first big run.

It appeared to undergo a typical 5 wave structure with a blowoff wave 5. It then consolidated for a year before starting another advance. Depending on where one puts the start (and to restate, I'm an amateur), it appears Bitcoins could be entering wave 3 if it can exceed the 2011 price high of $30, which would be a 7% gain from current levels. If it breaks out, it opens up some potentially high price targets, but for now it needs to get above it's old high.

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